Core Viewpoint - Air T, Inc. reported a narrower loss per share of 12 cents in Q1 fiscal 2025 compared to a loss of 19 cents per share in the same quarter last year, indicating some improvement in financial performance [1] Revenue Summary - Total revenues for Air T in Q1 fiscal 2025 were $66.4 million, reflecting a 7% decrease year over year [2] - The decline in revenues was primarily driven by lower sales in the Ground Equipment Sales (GGS) and Commercial Jet Engines and Parts segments [2] Segment Details - Overnight Air Cargo revenues increased to $30.4 million, up 9.6% year over year, attributed to higher administrative fees from an increased fleet of 105 aircraft [3] - GGS revenues fell to $7.4 million, down 37.6% year over year, mainly due to fewer deicing trucks sold [3] - Revenues from the Commercial Jet Engines and Parts segment totaled $26.3 million, down 12% year over year, due to lower component part sales [4] - The Corporate and Other segment saw revenues rise to $2.4 million, up 17.1% year over year, driven by increased subscription sales [4] Geographical Results - Revenues from the United States were $54.9 million, down 11% year over year, while foreign revenues increased to $11.5 million, up 18.3% year over year [5] Operating Expenses Analysis - Overnight air cargo expenses rose 8.4% year over year to $25.7 million, while GGS expenses decreased 36.8% to $6.5 million [6] - Commercial jet engines and parts expenses declined 20.4% to $18.5 million, and Corporate and Other expenses decreased 5.7% to $0.8 million [6] - General and administrative expenses increased 23.2% year over year to $14.6 million [6] Profitability - Operating income for the Overnight Air Cargo segment was $1.8 million, down 4.9% year over year [7] - The GGS segment reported an operating loss of $0.8 million, compared to a loss of $0.1 million in the prior year [7] - The Commercial Jet Engines and Parts segment generated an operating income of $1.1 million, down 25.9% year over year [7] - The Corporate and Other segment's operating loss was $2.74 million, slightly worse than the previous year's loss of $2.67 million [7] Consolidated Results - The consolidated operating loss for Q1 fiscal 2025 was $0.6 million, compared to an operating income of $0.7 million in the same quarter last year [8] - The net loss attributable to Air T's stockholders was $0.3 million, an improvement from a loss of $0.5 million in the prior year [8] - Adjusted EBITDA for the quarter was $0.7 million, down 52.3% year over year [8] Liquidity & Debt Management - Air T ended Q1 fiscal 2025 with cash and cash equivalents of $7.8 million, up from $7.1 million at the end of fiscal 2024 [9] - Total debt decreased slightly to $112 million from $112.9 million at the end of fiscal 2024 [9] - Net cash provided by operating activities was $0.1 million, down from $3.5 million a year ago [9] Overall Assessment - The company showed encouraging bottom-line results with revenue growth in the Overnight Air Cargo and Corporate and Other segments [10] - However, the overall revenue decline and lower performance in the GGS and Commercial Jet Engines and Parts segments were concerning [10] - The decrease in revenues from the United States was also disappointing [10]
Air T (AIRT) Q1 Earnings Increase Y/Y, Revenues Decline