DENVER, NC / ACCESSWIRE / June 26, 2020 / Air T, Inc. (NASDAQ:AIRT) is an industrious American company with a networked portfolio of businesses, each of which is independent yet interrelated. We seek to identify and empower individuals and teams who will operate businesses well, increasing value over time. We believe we can apply corporate resources to help activate growth and overcome challenges. We seek to build a valuable enterprise over the long-term.
Our core segments are commercial aircraft asset management; aviation ground support equipment manufacturing; and overnight air cargo.
Today the Company is announcing results for its fiscal year ended March 31, 2020*:
*On September 30, 2019 the Company completed the sale of its wholly-owned subsidiary, Global Aviation Services, LLC ("GAS"). The Company received approximately $20.5 million in total proceeds and recognized an after-tax gain of $8.2 million. GAS' results are included in discontinued operations.
Company Chairman and CEO Nick Swenson said:
"Our 2020 fiscal year-end coincided with the arrival of COVID-19. We believe that the people, products, processes and relationships at the heart of each of our businesses had solid momentum going pre-COVID. As a result, we had resilience and a margin of safety as an organization. Yet, the collapse of the aviation market since March 2020 has been a brutal blow which we continue to absorb. The impact of the blow centers on the parts trading and leasing businesses because commercial flying has fallen 85% or more. As a small business, we were thankfully able to access a $8.3 million PPP loan. It's a critical element in our business plan and has enabled us to keep people employed. Each of our leaders and teams is working to be ready for a better tomorrow. We are focusing on our ability to adjust and adapt, with a goal of turning turmoil into transformation. This is a challenging time and your management is working hard at every level.
Fiscal 2020 included a particularly stellar performance by Mike Moore and his team at Global Ground Support. Mike told me many years ago that his turn-around would really get legs after three (3) to five (5) years, and he was right. Hats off to the fantastic people at GGS!
We are planning to crowdsource questions prior to our August 2020 Annual Shareholders Meeting. To submit questions and/or upvote questions, go to www.slido.com and enter the event code #AIRTQA."
Business Segment Results
Commercial Jet Engines and Parts
Overnight Air Cargo
Aviation Ground Support Equipment
Corporate
ABOUT AIR T, INC.
Established in 1980, Air T Inc. is a portfolio of powerful businesses and financial assets, each of which is independent yet interrelated. Its core segments are overnight air cargo, aviation ground support equipment manufacturing, and commercial aircraft asset management and logistics. We seek to expand, strengthen and diversify Air T's after-tax cash flow per share. Our goal is to build Air T's core businesses, and when appropriate, to expand into adjacent and other industries. We seek to activate growth and overcome challenges while delivering meaningful value for all stakeholders. For more information, visit www.airt.net.
FORWARD-LOOKING STATEMENTS
Certain matters discussed in this press release may be considered forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). These forward-looking statements are subject to risks, uncertainties and assumptions about our operations and the investments we make, including, among other things, factors discussed under the heading "Risk Factors" in our 10-K, as well as the following:
Forward-looking statements can be identified by the use of words like "believes," "could," "possibly," "probably," "anticipates," "estimates," "projects," "expects," "may," "will," "should," "seek," "intend," "plan," "expect," or "consider" or the negative of these expressions or other variations, or by discussions of strategy that involves risks and uncertainties. All forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual transactions, results, performance or achievements to be materially different from any future transactions, results, performance or achievements expressed or implied by such forward-looking statements. We base these forward-looking statements on current expectations and projections about future events and the information currently available to us. Although we believe that the assumptions for these forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Consequently, no representation or warranty can be given that the estimates, opinions, or assumptions made in or referenced by this prospectus will prove to be accurate. We undertake no obligation to update our forward-looking statements. We caution you that the forward-looking statements in this press release are only estimates and predictions, or statements of current intent. Actual results or outcomes, or actions that we ultimately undertake, could differ materially from those anticipated in the forward-looking statements due to risks, uncertainties or actual events differing from the assumptions underlying these statements. These risks, uncertainties and assumptions include, but are not limited to, those discussed in this press release.
CONTACT:
Air T, Inc.
Brian Ochocki, CFO
[email protected]
612-843-4302
SOURCE: Air T, Inc.