Air T, Inc. reports developments across a portfolio of aviation businesses and financial assets. Its recurring updates cover operating results, segment activity, completed acquisitions, and capital-structure actions tied to its common stock and Alpha Income Preferred Securities (AIRTP).
The company's operating areas include overnight air cargo services, aviation ground-support equipment manufacturing and maintenance, commercial aircraft engines and parts leasing and trading, digital aviation services, and Rex regional airline operations in Australia. Company announcements also address AIRTP distributions, investor presentations, material agreements, and governance changes.
Air T, Inc. (NASDAQ:AIRT) announced plans to create a new aircraft asset management business, Contrail Aircraft Management (CAM), and a joint venture, Contrail Fund II (CFII), with three investment firms. The new entity aims to raise approximately $108 million in equity to acquire, manage, and sell aircraft and engines. CAM will manage CFII, with a focus on whole aircraft acquisitions and part-out solutions. The anticipated formation is set for late January 2021, although finalization is contingent on further review and conditions.
Air T, Inc. (NASDAQ:AIRT) reported its fiscal Q2 2020 results, revealing revenues of $35.6 million, a 30% decline from the previous year. The company experienced an operating loss of $3.7 million, a significant drop from a profit of $0.5 million in Q2 2019. Adjusted EBITDA also fell to a loss of $2.7 million, compared to a profit of $1.2 million in the same quarter last year. Loss per share was $1.01, down from a profit of $1.89. Equity decreased by 17.2% from $25 million to $20.7 million over the same period, reflecting ongoing challenges amid the COVID-19 pandemic.
Air T, Inc. (NASDAQ:AIRT) reported a revenue decline of 22%, totaling $37.0 million for the quarter ended June 30, 2020. Operating loss was $0.3 million, down from a $1.0 million profit last year, with an adjusted EBITDA of $0.1 million compared to $1.5 million in the previous year. Loss per share reached $0.29, contrasting with a profit of $0.79 last year. Total equity fell from $25.0 million to $24.5 million. The company emphasized the impact of COVID-19 on its aircraft parts business while highlighting a diversified portfolio and maintaining employee retention through a PPP loan.
Air T, Inc. (AIRT) reported Q2 2020 results, revealing revenues of $37.0 million, a 22% decline from the previous year. Operating loss was $0.3 million, compared to a $1.0 million profit last year. Adjusted EBITDA fell to $0.1 million from $1.5 million. Loss per share reached $0.29, contrasting with $0.79 earnings per share a year prior. The Equity decreased by 2.0% to $24.5 million. Notably, the Aviation Ground Support Equipment segment saw a 29% revenue increase, while the Commercial Jet Engines and Parts segment suffered a significant $11.6 million drop in revenues due to COVID-19 impacts.