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.