Air T Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 31, 2012; Appoints Brad Wilson as its Lead Independent Director
February 01, 2013 at 10:15 pm IST
Share
Air T Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended December 31, 2012. For the quarter, the company reported consolidated net earnings of $633,000 or $0.26 per diluted share, compared to consolidated net earnings of $579,000 or $0.24 per diluted share for the third quarter of fiscal 2012. Consolidated revenues were $26,703,000, an increase of 4% compared to $25,650,000 for the similar 2012 fiscal quarter.
For the nine months, the company reported earnings of $1,277,000 or $0.52 per diluted share, compared to $1,340,000 or $0.55 per diluted share for the similar fiscal 2012 period. Consolidated revenues were $72,353,000 or 7% higher than $67,672,000 for the prior year comparable period. At December 31, 2012, the backlog at Global Ground Support, the company's ground support equipment business, was $9.2 million, compared to $14.9 million at December 31, 2011.
The company announced the appointment of the company's board of directors of Brad Wilson as its lead independent director. Brad Wilson is currently President and CEO of Blue Cross and Blue Shield of North Carolina and, among other achievements, currently serves on, and has served as Chairman of, the Board of Governors of the University of North Carolina and served as Chairman of the Board of Directors of the North Carolina Railroad Company.
Air T, Inc. is a holding company with a portfolio of operating businesses and financial assets. The Company has four segments: Overnight air cargo, Ground equipment sales, Commercial jet engines and parts, and Corporate and other. Overnight air cargo segment operates in the air express delivery services industry. Ground equipment sales segment manufactures and provides mobile deicers and other specialized equipment products to passenger and cargo airlines, airports, military and industrial customers. Commercial jet engines and parts segment manages and leases aviation assets, supplies surplus and aftermarket commercial jet engine components, provides commercial aircraft disassembly/part-out services, commercial aircraft parts sales, and procurement services and overhaul and repair services to airlines. Corporate and other segment acts as the capital allocator and resources for other consolidated businesses. Further, the segment is also comprised of insignificant businesses.
Air T Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 31, 2012; Appoints Brad Wilson as its Lead Independent Director
AIR T, INC. 
