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10-Q Filing

AIR T INC CIK: 353184 Q1 2014
Filing Information
Form Type 10-Q
Accession Number 0000353184-14-000029
Period End Date 20140630
Filing Date 20140808
Fiscal Year 2014
Fiscal Period Q1
XBRL Instance airt-20140630.xml
Filing Contents
Balance Sheet 74 line items
Line Item Tag Value Unit Period
Allowance for doubtful accounts (in Dollars) AllowanceForDoubtfulAccountsReceivableCurrent $195.00K USD Point-in-time
Allowance for doubtful accounts (in Dollars) AllowanceForDoubtfulAccountsReceivableCurrent $150.00K 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
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $7.82M 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
Preferred stock, shares authorized PreferredStockSharesAuthorized 50,000.00 shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $3.53M 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
Marketable securities MarketableSecuritiesCurrent $1.46M USD Point-in-time
Marketable securities MarketableSecuritiesCurrent - USD Point-in-time
Marketable securities MarketableSecuritiesCurrent $1.04M USD Point-in-time
Common stock, shares authorized CommonStockSharesAuthorized 4.00M shares Point-in-time
Accounts receivable, less allowance for doubtful accounts of $195,000 and $150,000 AccountsReceivableNetCurrent $10.25M USD Point-in-time
Accounts receivable, less allowance for doubtful accounts of $195,000 and $150,000 AccountsReceivableNetCurrent $9.82M USD Point-in-time
Common stock, shares authorized CommonStockSharesAuthorized 4.00M shares Point-in-time
Notes and other receivables-current AccountsNotesAndLoansReceivableNetCurrent $1.38M USD Point-in-time
Common stock, shares issued CommonStockSharesIssued 2.36M shares Point-in-time
Notes and other receivables-current AccountsNotesAndLoansReceivableNetCurrent $1.63M USD Point-in-time
Common stock, shares issued CommonStockSharesIssued 2.45M shares Point-in-time
Income tax receivable IncomeTaxesReceivable $739.40K USD Point-in-time
Common stock, shares outstanding CommonStockSharesOutstanding 2.45M shares Point-in-time
Common stock, shares outstanding CommonStockSharesOutstanding 2.36M shares Point-in-time
Income tax receivable IncomeTaxesReceivable $761.00K USD Point-in-time
Inventories InventoryNet $12.24M USD Point-in-time
Inventories InventoryNet $15.04M USD Point-in-time
Deferred income taxes DeferredTaxAssetsNetCurrent $241.00K USD Point-in-time
Deferred income taxes DeferredTaxAssetsNetCurrent $210.00K USD Point-in-time
Prepaid expenses and other PrepaidExpenseAndOtherAssetsCurrent $510.95K USD Point-in-time
Prepaid expenses and other PrepaidExpenseAndOtherAssetsCurrent $845.60K USD Point-in-time
Total Current Assets AssetsCurrent $32.29M USD Point-in-time
Total Current Assets AssetsCurrent $31.15M USD Point-in-time
Property and Equipment, net PropertyPlantAndEquipmentNet $3.04M USD Point-in-time
Property and Equipment, net PropertyPlantAndEquipmentNet $3.31M USD Point-in-time
Assets held for sale, net DisposalGroupIncludingDiscontinuedOperationLongLivedAssets $673.97K USD Point-in-time
Assets held for sale, net DisposalGroupIncludingDiscontinuedOperationLongLivedAssets $646.35K USD Point-in-time
Total Property and Equipment, net PropertyPlantAndEquipmentAndAssetsHeldForSaleNet $3.68M USD Point-in-time
Total Property and Equipment, net PropertyPlantAndEquipmentAndAssetsHeldForSaleNet $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 $1.90M USD Point-in-time
Notes and Other Receivables-LongTerm NotesAndLoansReceivableNetNoncurrent $59.61K USD Point-in-time
Notes and Other Receivables-LongTerm NotesAndLoansReceivableNetNoncurrent $33.18K USD Point-in-time
Other Assets OtherAssetsNoncurrent $135.73K USD Point-in-time
Other Assets OtherAssetsNoncurrent $138.50K USD Point-in-time
Total Assets Assets $37.22M USD Point-in-time
Total Assets Assets $38.05M USD Point-in-time
Accounts payable AccountsPayableCurrent $6.43M USD Point-in-time
Accounts payable AccountsPayableCurrent $6.43M USD Point-in-time
Accrued expenses AccruedLiabilitiesCurrent $2.58M USD Point-in-time
Accrued expenses AccruedLiabilitiesCurrent $2.59M USD Point-in-time
Total Current Liabilities LiabilitiesCurrent $9.01M USD Point-in-time
Total Current Liabilities LiabilitiesCurrent $9.02M USD Point-in-time
Line of Credit LongTermLineOfCredit $863.05K USD Point-in-time
Deferred Income Taxes DeferredTaxLiabilitiesNoncurrent $842.00K USD Point-in-time
Deferred Income Taxes DeferredTaxLiabilitiesNoncurrent $842.00K USD Point-in-time
LiabilitiesNoncurrent LiabilitiesNoncurrent $842.00K USD Point-in-time
LiabilitiesNoncurrent LiabilitiesNoncurrent $1.71M USD Point-in-time
Common stock, $.25 par value; 4,000,000 shares authorized, 2,355,028 shares issued and outstanding CommonStockValue $588.76K USD Point-in-time
Common stock, $.25 par value; 4,000,000 shares authorized, 2,355,028 shares issued and outstanding CommonStockValue $588.76K USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $4.86M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $4.81M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $22.00M 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
Accumulated other comprehensive income (loss), net AccumulatedOtherComprehensiveIncomeLossNetOfTax $-59.32K 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 $27.34M USD Point-in-time
Total Stockholders' Equity StockholdersEquity $27.53M USD Point-in-time
Total Liabilities and Stockholders Equity LiabilitiesAndStockholdersEquity $37.22M USD Point-in-time
Total Liabilities and Stockholders Equity LiabilitiesAndStockholdersEquity $38.05M USD Point-in-time
Income Statement 44 line items
Line Item Tag Value Unit Period
Unrealized loss from marketable securities, tax OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax $31.00K USD 1 Quarter
Operating Revenues Revenues $21.78M USD 1 Quarter
Operating Revenues Revenues $21.28M USD 1 Quarter
Flight-air cargo FlightairCargo $4.79M USD 1 Quarter
Flight-air cargo FlightairCargo $5.18M USD 1 Quarter
Maintenance-air cargo MaintenanceairCargo $6.01M USD 1 Quarter
Maintenance-air cargo MaintenanceairCargo $5.01M USD 1 Quarter
Ground equipment sales GroundEquipmentExpense $4.23M USD 1 Quarter
Ground equipment sales GroundEquipmentExpense $4.33M USD 1 Quarter
Ground support services GroundSupportExpenses $3.89M USD 1 Quarter
Ground support services GroundSupportExpenses $2.93M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $2.95M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $3.23M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $144.30K USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $216.54K USD 1 Quarter
Gain on sale of equipment held for lease GainLossOnDispositionOfAssets1 $187.79K USD 1 Quarter
OperatingExpenses OperatingExpenses $21.68M USD 1 Quarter
OperatingExpenses OperatingExpenses $21.06M USD 1 Quarter
Operating Income OperatingIncomeLoss $98.82K USD 1 Quarter
Operating Income OperatingIncomeLoss $220.46K USD 1 Quarter
Gain on sale of marketable securities MarketableSecuritiesRealizedGainLossExcludingOtherThanTemporaryImpairments $8.41K USD 1 Quarter
Other investment income, net OtherNonoperatingIncomeExpense $7.05K USD 1 Quarter
Other investment income, net OtherNonoperatingIncomeExpense $3.56K USD 1 Quarter
NonoperatingIncomeExpense NonoperatingIncomeExpense $7.05K USD 1 Quarter
NonoperatingIncomeExpense NonoperatingIncomeExpense $11.97K USD 1 Quarter
Income Before Income Taxes IncomeLossFromContinuingOperations $227.51K USD 1 Quarter
Income Before Income Taxes IncomeLossFromContinuingOperations $110.80K USD 1 Quarter
Income Taxes IncomeTaxExpenseBenefit $38.00K USD 1 Quarter
Income Taxes IncomeTaxExpenseBenefit $89.00K USD 1 Quarter
Net Income NetIncomeLoss $72.80K USD 1 Quarter
Net Income NetIncomeLoss $138.51K USD 1 Quarter
Unrealized loss from marketable securities (net of $31,000 tax effect) OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax $-51.54K USD 1 Quarter
Total Other Comprehensive Income OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-51.54K USD 1 Quarter
Comprehensive Income ComprehensiveIncomeNetOfTax $138.51K USD 1 Quarter
Comprehensive Income ComprehensiveIncomeNetOfTax $21.25K USD 1 Quarter
Basic (in Dollars per share) EarningsPerShareBasic $0.03 USD 1 Quarter
Basic (in Dollars per share) EarningsPerShareBasic $0.06 USD 1 Quarter
Diluted (in Dollars per share) EarningsPerShareDiluted $0.03 USD 1 Quarter
Diluted (in Dollars per share) EarningsPerShareDiluted $0.06 USD 1 Quarter
Dividends Declared Per Share (in Dollars per share) CommonStockDividendsPerShareDeclared $0.30 USD 1 Quarter
Basic (in Shares) WeightedAverageNumberOfSharesOutstandingBasic 2.45M shares 1 Quarter
Basic (in Shares) WeightedAverageNumberOfSharesOutstandingBasic 2.36M shares 1 Quarter
Diluted (in Shares) WeightedAverageNumberOfDilutedSharesOutstanding 2.47M shares 1 Quarter
Diluted (in Shares) WeightedAverageNumberOfDilutedSharesOutstanding 2.38M shares 1 Quarter
Cash Flow Statement 58 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $72.80K USD 1 Quarter
Net income NetIncomeLoss $138.51K USD 1 Quarter
Gain on sale of marketable securities MarketableSecuritiesRealizedGainLossExcludingOtherThanTemporaryImpairments $8.41K USD 1 Quarter
Gain on sale of property and equipment GainLossOnDispositionOfAssets $187.79K USD 1 Quarter
Change in accounts receivable and inventory reserves IncreaseDecreaseInLossAndLossAdjustmentExpenseReserve $146.80K USD 1 Quarter
Change in accounts receivable and inventory reserves IncreaseDecreaseInLossAndLossAdjustmentExpenseReserve $-19.04K USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $144.30K USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $216.54K USD 1 Quarter
Change in cash surrender value of life insurance IncreaseDecreaseInInsuranceAssets $17.00K USD 1 Quarter
Change in cash surrender value of life insurance IncreaseDecreaseInInsuranceAssets $17.00K USD 1 Quarter
Warranty reserve ProductWarrantyAccrualPeriodIncreaseDecrease $41.20K USD 1 Quarter
Warranty reserve ProductWarrantyAccrualPeriodIncreaseDecrease $37.45K USD 1 Quarter
Compensation expense related to stock options ShareBasedCompensation $5.38K USD 1 Quarter
Compensation expense related to stock options ShareBasedCompensation $5.66K USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $-619.20K USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $-386.50K USD 1 Quarter
Notes receivable and other non-trade receivables IncreaseDecreaseInReceivables $-275.11K USD 1 Quarter
Notes receivable and other non-trade receivables IncreaseDecreaseInReceivables $113.68K USD 1 Quarter
Inventories IncreaseDecreaseInInventories $2.60M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $3.19M USD 1 Quarter
Prepaid expenses and other assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $-92.13K USD 1 Quarter
Prepaid expenses and other assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $-331.87K USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $48.00 USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $1.86M USD 1 Quarter
Accrued expenses IncreaseDecreaseInAccruedLiabilities $-52.30K USD 1 Quarter
Accrued expenses IncreaseDecreaseInAccruedLiabilities $105.31K USD 1 Quarter
Income taxes receivable/ payable IncreaseDecreaseInIncomeTaxesReceivable $-21.60K USD 1 Quarter
Income taxes receivable/ payable IncreaseDecreaseInIncomeTaxesReceivable $236.00K USD 1 Quarter
Total adjustments IncreaseDecreaseInOtherOperatingCapitalNet $680.51K USD 1 Quarter
Total adjustments IncreaseDecreaseInOtherOperatingCapitalNet $1.74M USD 1 Quarter
Net cash used in operating activities NetCashProvidedByUsedInOperatingActivities $-1.67M USD 1 Quarter
Net cash used in operating activities NetCashProvidedByUsedInOperatingActivities $-542.00K USD 1 Quarter
Purchase of marketable securities PaymentsToAcquireMarketableSecurities $108.47K USD 1 Quarter
Proceeds from sale of marketable securities ProceedsFromSaleAndMaturityOfMarketableSecurities $458.09K USD 1 Quarter
Proceeds from sale of property and equipment ProceedsFromSaleOfPropertyPlantAndEquipment $548.77K USD 1 Quarter
Capital expenditures PaymentsToAcquirePropertyPlantAndEquipment $275.02K USD 1 Quarter
Capital expenditures PaymentsToAcquirePropertyPlantAndEquipment $97.42K USD 1 Quarter
Net cash provided by investing activities NetCashProvidedByUsedInInvestingActivities $-97.42K USD 1 Quarter
Net cash provided by investing activities NetCashProvidedByUsedInInvestingActivities $623.38K USD 1 Quarter
Proceeds from line of credit ProceedsFromLinesOfCredit $863.05K USD 1 Quarter
Payment of cash dividend PaymentsOfDividends $733.88K USD 1 Quarter
Repurchase of stock options RepurchaseOfStockOptions $47.16K USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $-733.88K USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $815.89K USD 1 Quarter
NET DECREASE IN CASH AND CASH EQUIVALENTS CashAndCashEquivalentsPeriodIncreaseDecrease $-225.74K USD 1 Quarter
NET DECREASE IN CASH AND CASH EQUIVALENTS CashAndCashEquivalentsPeriodIncreaseDecrease $-1.37M USD 1 Quarter
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD CashAndCashEquivalentsAtCarryingValue $9.20M USD Point-in-time
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD CashAndCashEquivalentsAtCarryingValue $7.82M USD Point-in-time
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD CashAndCashEquivalentsAtCarryingValue $3.76M USD Point-in-time
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD CashAndCashEquivalentsAtCarryingValue $3.53M 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 $7.82M USD Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD CashAndCashEquivalentsAtCarryingValue $3.76M USD Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD CashAndCashEquivalentsAtCarryingValue $3.53M USD Point-in-time
Change in fair value of marketable securities ChangeInFairValueOfMarketableSecurities $-82.54K USD 1 Quarter
Interest InterestPaid $2.75K USD 1 Quarter
Income taxes IncomeTaxesPaid $17.00K USD 1 Quarter
Income taxes IncomeTaxesPaid $325.00K USD 1 Quarter
Stockholders Equity 16 line items
Line Item Tag Value Unit Period
Balance, March 31, StockholdersEquity $27.36M USD Point-in-time
Cash dividend per share CommonStockDividendsPerShareCashPaid $0.30 USD 1 Quarter
Balance, March 31, StockholdersEquity $28.12M USD Point-in-time
Balance, March 31, StockholdersEquity $27.34M USD Point-in-time
Balance, March 31, StockholdersEquity $27.53M USD Point-in-time
Net income NetIncomeLoss $72.80K USD 1 Quarter
Net income NetIncomeLoss $138.51K USD 1 Quarter
Unrealized loss from marketable securities, net of tax OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax $-51.54K USD 1 Quarter
Repurchase of stock options AdjustmentsToAdditionalPaidInCapitalRepurchaseOfStockOptions $47.16K USD 1 Quarter
Cash dividend ($0.30 per share) DividendsCash $733.88K USD 1 Quarter
Compensation expense related to stock options AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition $5.66K USD 1 Quarter
Compensation expense related to stock options AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition $5.38K USD 1 Quarter
Balance, June 30, StockholdersEquity $27.36M USD Point-in-time
Balance, June 30, StockholdersEquity $28.12M USD Point-in-time
Balance, June 30, StockholdersEquity $27.34M USD Point-in-time
Balance, June 30, StockholdersEquity $27.53M USD Point-in-time

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

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