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10-Q Filing

AIR T INC CIK: 353184 Q1 2015
Filing Information
Form Type 10-Q
Accession Number 0001437749-15-014780
Period End Date 20150630
Filing Date 20150805
Fiscal Year 2015
Fiscal Period Q1
XBRL Instance airt-20150630.xml
Balance Sheet 72 line items
Line Item Tag Value Unit Period
Allowance for doubtful accounts AllowanceForDoubtfulAccountsReceivableCurrent $222.00K USD Point-in-time
Allowance for doubtful accounts AllowanceForDoubtfulAccountsReceivableCurrent $212.00K USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $14.17M USD Point-in-time
Preferred stock, par value (in dollars per share) PreferredStockParOrStatedValuePerShare $1.00 USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $8.36M USD Point-in-time
Preferred stock, par value (in dollars per share) PreferredStockParOrStatedValuePerShare $1.00 USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $3.76M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $3.53M USD Point-in-time
Marketable securities MarketableSecuritiesCurrent $5.28M USD Point-in-time
Marketable securities MarketableSecuritiesCurrent $1.54M USD Point-in-time
Preferred stock, authorized (in shares) PreferredStockSharesAuthorized 50,000.00 shares Point-in-time
Preferred stock, authorized (in shares) PreferredStockSharesAuthorized 50,000.00 shares 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 $212,000 and $222,000 AccountsReceivableNetCurrent $9.53M 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 $212,000 and $222,000 AccountsReceivableNetCurrent $10.32M USD Point-in-time
Notes and other receivables-current AccountsNotesAndLoansReceivableNetCurrent $559.22K USD Point-in-time
Common stock, authorized (in shares) CommonStockSharesAuthorized 4.00M shares Point-in-time
Notes and other receivables-current AccountsNotesAndLoansReceivableNetCurrent $816.61K USD Point-in-time
Common stock, authorized (in shares) CommonStockSharesAuthorized 4.00M shares Point-in-time
Common stock, issued (in shares) CommonStockSharesIssued 2.37M shares Point-in-time
Income tax receivable IncomeTaxesReceivable $195.00K USD Point-in-time
Common stock, issued (in shares) CommonStockSharesIssued 2.37M shares Point-in-time
Income tax receivable IncomeTaxesReceivable $797.59K USD Point-in-time
Common stock, outstanding (in shares) CommonStockSharesOutstanding 2.37M shares Point-in-time
Inventories InventoryNet $11.50M USD Point-in-time
Common stock, outstanding (in shares) CommonStockSharesOutstanding 2.37M shares Point-in-time
Inventories InventoryNet $7.79M USD Point-in-time
Deferred income taxes DeferredTaxAssetsNetCurrent $278.00K USD Point-in-time
Deferred income taxes DeferredTaxAssetsNetCurrent $436.15K USD Point-in-time
Prepaid expenses and other PrepaidExpenseCurrent $334.05K USD Point-in-time
Prepaid expenses and other PrepaidExpenseCurrent $612.33K USD Point-in-time
Total Current Assets AssetsCurrent $33.85M USD Point-in-time
Total Current Assets AssetsCurrent $38.67M USD Point-in-time
Investments in Available-For-Sale Securities AvailableForSaleSecuritiesNoncurrent $4.37M USD Point-in-time
Investments in Available-For-Sale Securities AvailableForSaleSecuritiesNoncurrent - USD Point-in-time
Property and Equipment, net PropertyPlantAndEquipmentNet $2.60M USD Point-in-time
Property and Equipment, net PropertyPlantAndEquipmentNet $2.57M USD Point-in-time
Cash Surrender Value of Life Insurance Policies CashSurrenderValueOfLifeInsurance $1.99M USD Point-in-time
Cash Surrender Value of Life Insurance Policies CashSurrenderValueOfLifeInsurance $2.01M USD Point-in-time
Other Assets OtherAssetsNoncurrent $224.19K USD Point-in-time
Other Assets OtherAssetsNoncurrent $290.91K USD Point-in-time
Total Assets Assets $43.46M USD Point-in-time
Total Assets Assets $43.12M USD Point-in-time
Accounts payable AccountsPayableCurrent $4.72M USD Point-in-time
Accounts payable AccountsPayableCurrent $5.36M USD Point-in-time
Accrued expenses AccruedLiabilitiesCurrent $3.59M USD Point-in-time
Accrued expenses AccruedLiabilitiesCurrent $3.53M USD Point-in-time
Total Current Liabilities LiabilitiesCurrent $8.94M USD Point-in-time
Total Current Liabilities LiabilitiesCurrent $8.25M USD Point-in-time
Long-Term Debt LongTermLineOfCredit $4.98M USD Point-in-time
Long-Term Debt LongTermLineOfCredit $5.00M USD Point-in-time
Deferred Income Taxes DeferredTaxLiabilitiesNoncurrent $416.00K USD Point-in-time
Deferred Income Taxes DeferredTaxLiabilitiesNoncurrent $416.00K USD Point-in-time
Total Liabilities LongTermDebtNoncurrent $13.66M USD Point-in-time
Total Liabilities LongTermDebtNoncurrent $14.34M 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, 2,372,527 shares issued and outstanding CommonStockValue $593.13K USD Point-in-time
Common stock, $.25 par value; 4,000,000 shares authorized, 2,372,527 shares issued and outstanding CommonStockValue $593.13K USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $4.93M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $4.93M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $23.67M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $24.41M USD Point-in-time
Accumulated other comprehensive income (loss), net AccumulatedOtherComprehensiveIncomeLossNetOfTax $-134.91K USD Point-in-time
Accumulated other comprehensive income (loss), net AccumulatedOtherComprehensiveIncomeLossNetOfTax $-416.06K USD Point-in-time
Total Stockholders' Equity StockholdersEquity $27.36M USD Point-in-time
Total Stockholders' Equity StockholdersEquity $29.80M USD Point-in-time
Total Stockholders' Equity StockholdersEquity $28.78M USD Point-in-time
Total Stockholders' Equity StockholdersEquity $27.34M USD Point-in-time
Total Liabilities and Stockholders Equity LiabilitiesAndStockholdersEquity $43.46M USD Point-in-time
Total Liabilities and Stockholders Equity LiabilitiesAndStockholdersEquity $43.12M USD Point-in-time
Income Statement 43 line items
Line Item Tag Value Unit Period
Overnight air cargo Revenues $21.78M USD 1 Quarter
Overnight air cargo Revenues $22.36M USD 1 Quarter
Revenues Revenues $21.78M USD 1 Quarter
Revenues Revenues $22.36M USD 1 Quarter
Flight-air cargo FlightairCargo $5.18M USD 1 Quarter
Flight-air cargo FlightairCargo $6.37M USD 1 Quarter
Maintenance-air cargo MaintenanceairCargo $5.01M USD 1 Quarter
Maintenance-air cargo MaintenanceairCargo $5.21M USD 1 Quarter
Ground equipment sales GroundEquipmentExpense $4.33M USD 1 Quarter
Ground equipment sales GroundEquipmentExpense $3.13M USD 1 Quarter
Ground support services GroundSupportExpenses $3.89M USD 1 Quarter
Ground support services GroundSupportExpenses $4.72M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $3.81M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $3.23M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $216.54K USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $178.62K USD 1 Quarter
Gain on sale of property and equipment GainLossOnDispositionOfAssets1 $187.79K USD 1 Quarter
Gain on sale of property and equipment GainLossOnDispositionOfAssets1 $5.02K USD 1 Quarter
OperatingExpenses OperatingExpenses $21.68M USD 1 Quarter
OperatingExpenses OperatingExpenses $23.41M USD 1 Quarter
Operating Income (Loss) OperatingIncomeLoss $-1.05M USD 1 Quarter
Operating Income (Loss) OperatingIncomeLoss $98.82K USD 1 Quarter
Gain on sale of marketable securities MarketableSecuritiesRealizedGainLossExcludingOtherThanTemporaryImpairments - USD 1 Quarter
Gain on sale of marketable securities MarketableSecuritiesRealizedGainLossExcludingOtherThanTemporaryImpairments $8.41K USD 1 Quarter
Gain on sale of marketable securities MarketableSecuritiesRealizedGainLossExcludingOtherThanTemporaryImpairments $8.00K USD 1 Quarter
Other investment income, net OtherNonoperatingIncomeExpense $3.56K USD 1 Quarter
Other investment income, net OtherNonoperatingIncomeExpense $-19.94K USD 1 Quarter
NonoperatingIncomeExpense NonoperatingIncomeExpense $11.97K USD 1 Quarter
NonoperatingIncomeExpense NonoperatingIncomeExpense $-19.94K USD 1 Quarter
Income (Loss) Before Income Taxes IncomeLossFromContinuingOperations $110.80K USD 1 Quarter
Income (Loss) Before Income Taxes IncomeLossFromContinuingOperations $-1.07M USD 1 Quarter
Income Taxes IncomeTaxExpenseBenefit $38.00K USD 1 Quarter
Income Taxes IncomeTaxExpenseBenefit $-333.00K USD 1 Quarter
Net Income (Loss) NetIncomeLoss $-736.04K USD 1 Quarter
Net Income (Loss) NetIncomeLoss $72.80K USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $-0.31 USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $0.03 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $0.03 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $-0.31 USD 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 2.36M shares 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 2.37M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 2.38M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 2.37M shares 1 Quarter
Cash Flow Statement 69 line items
Line Item Tag Value Unit Period
Net income (loss) NetIncomeLoss $-736.04K USD 1 Quarter
Net income (loss) NetIncomeLoss $72.80K USD 1 Quarter
Gain on sale of marketable securities MarketableSecuritiesRealizedGainLossExcludingOtherThanTemporaryImpairments - USD 1 Quarter
Gain on sale of marketable securities MarketableSecuritiesRealizedGainLossExcludingOtherThanTemporaryImpairments $8.41K USD 1 Quarter
Gain on sale of marketable securities MarketableSecuritiesRealizedGainLossExcludingOtherThanTemporaryImpairments $8.00K USD 1 Quarter
Gain on sale of property and equipment GainLossOnDispositionOfAssets1 $187.79K USD 1 Quarter
Gain on sale of property and equipment GainLossOnDispositionOfAssets1 $5.02K USD 1 Quarter
Change in accounts receivable and inventory reserves IncreaseDecreaseInLiabilityForClaimsAndClaimsAdjustmentExpenseReserve $-146.80K USD 1 Quarter
Change in accounts receivable and inventory reserves IncreaseDecreaseInLiabilityForClaimsAndClaimsAdjustmentExpenseReserve $9.53K USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $216.54K USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $178.62K 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 $20.15K USD 1 Quarter
Warranty reserve. ProductWarrantyAccrualPeriodIncreaseDecrease $22.44K USD 1 Quarter
Warranty reserve. ProductWarrantyAccrualPeriodIncreaseDecrease $-41.20K USD 1 Quarter
Compensation expense related to stock options ShareBasedCompensation $5.38K USD 1 Quarter
Compensation expense related to stock options ShareBasedCompensation - USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $774.71K 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 $-257.38K USD 1 Quarter
Inventories IncreaseDecreaseInInventories $3.73M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $2.60M USD 1 Quarter
Prepaid expenses and other assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $-331.87K USD 1 Quarter
Prepaid expenses and other assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $-211.56K USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $639.79K USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $48.00 USD 1 Quarter
Accrued expenses IncreaseDecreaseInAccruedLiabilities $78.30K USD 1 Quarter
Accrued expenses IncreaseDecreaseInAccruedLiabilities $-52.30K USD 1 Quarter
Income taxes receivable/ payable IncreaseDecreaseInIncomeTaxesReceivable $-21.60K USD 1 Quarter
Income taxes receivable/ payable IncreaseDecreaseInIncomeTaxesReceivable $602.59K USD 1 Quarter
Total adjustments IncreaseDecreaseInOtherOperatingCapitalNet $1.74M USD 1 Quarter
Total adjustments IncreaseDecreaseInOtherOperatingCapitalNet $3.78M USD 1 Quarter
Net cash used in operating activities NetCashProvidedByUsedInOperatingActivities $-4.51M USD 1 Quarter
Net cash used in operating activities NetCashProvidedByUsedInOperatingActivities $-1.67M USD 1 Quarter
Purchase of marketable securities PaymentsToAcquireMarketableSecurities $1.07M 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 marketable securities ProceedsFromSaleAndMaturityOfMarketableSecurities - USD 1 Quarter
Proceeds from sale of property and equipment ProceedsFromSaleOfPropertyPlantAndEquipment $548.77K USD 1 Quarter
Proceeds from sale of property and equipment ProceedsFromSaleOfPropertyPlantAndEquipment $19.16K USD 1 Quarter
Capital expenditures PaymentsToAcquirePropertyPlantAndEquipment $275.02K USD 1 Quarter
Capital expenditures PaymentsToAcquirePropertyPlantAndEquipment $219.50K USD 1 Quarter
Net cash provided by (used in) investing activities NetCashProvidedByUsedInInvestingActivities $623.38K USD 1 Quarter
Net cash provided by (used in) investing activities NetCashProvidedByUsedInInvestingActivities $-1.27M USD 1 Quarter
Proceeds from line of credit ProceedsFromLinesOfCredit - USD 1 Quarter
Proceeds from line of credit ProceedsFromLinesOfCredit $863.05K USD 1 Quarter
Payment on line of credit RepaymentsOfLinesOfCredit - USD 1 Quarter
Payment on line of credit RepaymentsOfLinesOfCredit $18.70K USD 1 Quarter
Repurchase of stock options RepurchaseOfStockOptions $47.16K USD 1 Quarter
Repurchase of stock options RepurchaseOfStockOptions - USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $-18.70K USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $815.89K USD 1 Quarter
NET DECREASE IN CASH AND CASH EQUIVALENTS CashAndCashEquivalentsPeriodIncreaseDecrease $-5.80M USD 1 Quarter
NET DECREASE IN CASH AND CASH EQUIVALENTS CashAndCashEquivalentsPeriodIncreaseDecrease $-225.74K USD 1 Quarter
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD CashAndCashEquivalentsAtCarryingValue $14.17M USD Point-in-time
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD CashAndCashEquivalentsAtCarryingValue $8.36M 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 $14.17M USD Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD CashAndCashEquivalentsAtCarryingValue $8.36M 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 $-439.30K USD 1 Quarter
Change in fair value of marketable securities ChangeInFairValueOfMarketableSecurities $-82.54K USD 1 Quarter
Interest InterestPaid $20.50K USD 1 Quarter
Interest InterestPaid $2.75K USD 1 Quarter
Income taxes IncomeTaxesPaid $17.00K USD 1 Quarter
Income taxes IncomeTaxesPaid $269.70K USD 1 Quarter
Stockholders Equity 14 line items
Line Item Tag Value Unit Period
Balance StockholdersEquity $27.36M USD Point-in-time
Balance StockholdersEquity $29.80M USD Point-in-time
Balance StockholdersEquity $28.78M USD Point-in-time
Balance StockholdersEquity $27.34M USD Point-in-time
Net Income (Loss) NetIncomeLoss $-736.04K USD 1 Quarter
Net Income (Loss) NetIncomeLoss $72.80K USD 1 Quarter
Unrealized loss from marketable securities, net of tax OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-281.15K USD 1 Quarter
Unrealized loss from marketable securities, net of tax OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-51.54K USD 1 Quarter
Repurchase of stock options AdjustmentsToAdditionalPaidinCapitalRepurchaseOfStockOptions $-47.16K USD 1 Quarter
Compensation expense related to stock options AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition $5.38K USD 1 Quarter
Balance StockholdersEquity $27.36M USD Point-in-time
Balance StockholdersEquity $29.80M USD Point-in-time
Balance StockholdersEquity $28.78M USD Point-in-time
Balance StockholdersEquity $27.34M USD Point-in-time
Comprehensive Income 18 line items
Line Item Tag Value Unit Period
Net income (loss) NetIncomeLoss $-736.04K USD 1 Quarter
Net income (loss) NetIncomeLoss $72.80K USD 1 Quarter
Change in net unrealized loss on investment securities available for sale OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax $-439.30K USD 1 Quarter
Change in net unrealized loss on investment securities available for sale OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax $-88.09K USD 1 Quarter
Tax effect of unrealized loss on investment securities available for sale OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax $-31.00K USD 1 Quarter
Tax effect of unrealized loss on investment securities available for sale OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax $-158.15K USD 1 Quarter
Total unrealized loss on investment securities available for sale, net of tax amount OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax $-281.15K USD 1 Quarter
Total unrealized loss on investment securities available for sale, net of tax amount OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax $-57.09K USD 1 Quarter
Reclassification of gains on investment securities available for sale included in net income OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentBeforeTaxPortionAttributableToParent - USD 1 Quarter
Reclassification of gains on investment securities available for sale included in net income OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentBeforeTaxPortionAttributableToParent $8.41K USD 1 Quarter
Tax effect of reclassification of gains on investment securities available for sale included in net income OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax $2.86K USD 1 Quarter
Tax effect of reclassification of gains on investment securities available for sale included in net income OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax - USD 1 Quarter
Reclassification adjustment for realized gains, net of tax amount OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent $5.55K USD 1 Quarter
Reclassification adjustment for realized gains, net of tax amount OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent - USD 1 Quarter
Total other comprehensive loss OtherComprehensiveIncomeLossNetOfTax $-51.54K USD 1 Quarter
Total other comprehensive loss OtherComprehensiveIncomeLossNetOfTax $-281.15K USD 1 Quarter
Total comprehensive income (loss) ComprehensiveIncomeNetOfTax $-1.02M USD 1 Quarter
Total comprehensive income (loss) ComprehensiveIncomeNetOfTax $21.25K USD 1 Quarter

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

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