Air T Reports Unaudited Second Quarter Results

MAIDEN, N.C. , Oct. 31 /PRNewswire-FirstCall/ — Air T Inc. (Nasdaq: AIRT) today reported consolidated net earnings of $1,322,000 ($0.55 per diluted share) for fiscal 2009's second quarter ended Sept. 30, 2008, compared to consolidated net earnings of $538,000 ($0.22 per diluted share) for the second quarter of fiscal 2008. The company also reported year-to-date earnings for the six months of $2,662,000 ($1.10 per diluted share) compared to $1,164,000 ($0.47 per diluted share) for the similar fiscal 2008 period.

Consolidated revenues for fiscal 2009's second quarter were $24,012,000, an increase of 38 percent compared to the similar 2008 fiscal quarter. Consolidated revenues for the first six months of the 2009 fiscal year were $46,429,000 or 40 percent higher than the prior year comparable period. Revenues for the quarter and first half of the fiscal year were boosted by increased maintenance labor rates and hours in the air cargo segment, a significant increase in the delivery of deicing units to the military and a significant increase in the delivery of commercial catering trucks in the ground equipment sales segment and a full quarter of service revenues from Global Aviation Services. At Sept. 30, 2008 , backlog was $18.6 million compared to $25.3 million at March 31, 2008 and $17.3 million at Sept. 30, 2007 .

Walter Clark , chairman and chief executive officer of Air T, commented, "We have experienced two excellent quarters to begin this fiscal year. We are delighted with these quarterly results, but remain cautious about the remainder of the fiscal year in light of general economic and industry conditions. In these difficult times, we are dedicated to conserving cash, watching costs, tightening our credit policies and maintaining our customer and vendor relationships."

SOURCE Air T Inc.