Air T, Inc. (AirT) (Nasdaq: AIRT) today reported unaudited consolidated net earnings of $675,000 ($0.25 per share) for fiscal 2006's third quarter ended December 31, 2005, compared to net earnings of $485,000 ($0.18 per share) for the third quarter of fiscal 2005. Consolidated revenues for fiscal 2006's third quarter was $23,415,000 compared to $18,334,000 for the similar 2005 fiscal quarter. Nine-month, year-to-date, consolidated revenues increased $8,981,000, to $58,767,000, while net earnings decreased $340,000 to current year-to-date net earnings of $1,217,000.
Consolidated revenues increased $8,981,000 (18.0%) to $58,767,000 and $5,081,000 (27.7%) to $23,415,000, respectively, for the nine and three-month periods ended December 31, 2005 compared to the equivalent 2004 periods. The nine and three-month current period net increases in revenues primarily resulted from, respective, $5,181,000 and $4,597,000 increases in ground equipment revenues related to increases in the number of domestic and international commercial deicer units sold, and, respective, $3,800,000 and $484,000 increases in air cargo revenues primarily related to increased levels of direct operating costs, passed through to the Company's Customer at cost, and from increased administrative fees associated with ATR aircraft entering
revenue service.
The $340,000 reduction in fiscal 2006's net earnings for the nine-month period ended December 31, 2005 was primarily the result of costs associated with efforts by Air T's Global Ground Support (Global) subsidiary to return to service deicing equipment at the Philadelphia Airport, partly offset by increased deicer unit sales and increased air cargo administrative fees. During the nine-month period ended December 31, 2005, Global incurred $905,000 in costs, $548,000 net of taxes, connected with its efforts to have deicing booms returned to service which amount is included in Global's operating expenses for the period ended December 31, 2005, of which $117,000 in costs, $71,000 net of taxes, were recorded in the quarter ended December 31, 2005. The $190,000 increase in net earnings for the three-month period ended December 31, 2005 primarily reflects the above-mentioned increased deicer sales and administrative fees, and a $126,000 gain, $76,000 net of taxes, on retirement accrual booked in the quarter ended December 31, 2005 related to the lump-sum settlement of certain obligations in that quarter, partially offset by the boom repair cost.
PR Newswire
Consolidated revenues increased $8,981,000 (18.0%) to $58,767,000 and $5,081,000 (27.7%) to $23,415,000, respectively, for the nine and three-month periods ended December 31, 2005 compared to the equivalent 2004 periods. The nine and three-month current period net increases in revenues primarily resulted from, respective, $5,181,000 and $4,597,000 increases in ground equipment revenues related to increases in the number of domestic and international commercial deicer units sold, and, respective, $3,800,000 and $484,000 increases in air cargo revenues primarily related to increased levels of direct operating costs, passed through to the Company's Customer at cost, and from increased administrative fees associated with ATR aircraft entering
revenue service.
The $340,000 reduction in fiscal 2006's net earnings for the nine-month period ended December 31, 2005 was primarily the result of costs associated with efforts by Air T's Global Ground Support (Global) subsidiary to return to service deicing equipment at the Philadelphia Airport, partly offset by increased deicer unit sales and increased air cargo administrative fees. During the nine-month period ended December 31, 2005, Global incurred $905,000 in costs, $548,000 net of taxes, connected with its efforts to have deicing booms returned to service which amount is included in Global's operating expenses for the period ended December 31, 2005, of which $117,000 in costs, $71,000 net of taxes, were recorded in the quarter ended December 31, 2005. The $190,000 increase in net earnings for the three-month period ended December 31, 2005 primarily reflects the above-mentioned increased deicer sales and administrative fees, and a $126,000 gain, $76,000 net of taxes, on retirement accrual booked in the quarter ended December 31, 2005 related to the lump-sum settlement of certain obligations in that quarter, partially offset by the boom repair cost.
PR Newswire
