Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Sep. 30, 2013 | Nov. 01, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'AIR T INC | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--03-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 2,446,286 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0000353184 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (Current Period Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Overnight air cargo | $12,121,175 | $12,051,201 | $24,529,364 | $22,784,927 |
Ground equipment sales | 7,907,333 | 6,085,616 | 13,143,896 | 16,829,177 |
Ground support services | 4,161,584 | 3,025,243 | 7,796,886 | 6,036,121 |
24,190,092 | 21,162,060 | 45,470,146 | 45,650,225 | |
Flight-air cargo | 4,618,716 | 4,939,237 | 9,404,399 | 9,399,631 |
Maintenance-air cargo | 6,056,145 | 5,365,093 | 12,069,503 | 10,028,882 |
Ground equipment sales | 6,414,360 | 5,117,938 | 10,649,267 | 14,529,220 |
Ground support services | 3,348,808 | 2,576,779 | 6,280,117 | 5,054,949 |
General and administrative | 2,818,218 | 2,693,513 | 5,768,256 | 5,389,692 |
Depreciation and amortization | 181,353 | 118,566 | 325,654 | 243,247 |
23,437,600 | 20,811,126 | 44,497,196 | 44,645,621 | |
Operating Income | 752,492 | 350,934 | 972,950 | 1,004,604 |
Investment income | 5,519 | 3,463 | 12,572 | 8,028 |
Interest expense and Other | -901 | -965 | -901 | -7,187 |
4,618 | 2,498 | 11,671 | 841 | |
Income Before Income Taxes | 757,110 | 353,432 | 984,621 | 1,005,445 |
Income Taxes | 301,000 | 126,000 | 390,000 | 361,000 |
Net Income | $456,110 | $227,432 | $594,621 | $644,445 |
Basic (in Dollars per share) | $0.19 | $0.09 | $0.24 | $0.26 |
Diluted (in Dollars per share) | $0.18 | $0.09 | $0.24 | $0.26 |
Dividends Declared Per Share (in Dollars per share) | ' | ' | $0.30 | $0.25 |
Basic (in Shares) | 2,446,286 | 2,446,286 | 2,446,286 | 2,446,286 |
Diluted (in Shares) | 2,485,246 | 2,450,165 | 2,477,047 | 2,454,162 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
ASSETS | ' | ' |
Cash and cash equivalents | $3,673,364 | $9,197,492 |
Accounts receivable, less allowance for doubtful accounts of $78,000 and $66,000 | 13,140,287 | 11,687,515 |
Notes and other receivables-current | 133,454 | 145,485 |
Income tax receivable | 470,000 | 287,000 |
Inventories | 13,126,096 | 8,181,700 |
Deferred income taxes | 410,000 | 410,000 |
Prepaid expenses and other | 1,512,499 | 619,128 |
Total Current Assets | 32,465,700 | 30,528,320 |
Property and Equipment, net | 4,079,399 | 3,472,539 |
Cash Surrender Value of Life Insurance Policies | 1,798,186 | 1,781,185 |
Notes and Other Receivables-Long Term | 114,229 | 158,276 |
Other Assets | 118,929 | 114,270 |
Total Assets | 38,576,443 | 36,054,590 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Accounts payable | 7,641,319 | 5,741,371 |
Accrued expenses | 2,085,498 | 2,120,000 |
Total Current Liabilities | 9,726,817 | 7,861,371 |
Long-term debt | 783,222 | ' |
Deferred income taxes | 69,000 | 69,000 |
Common stock, $.25 par value; 4,000,000 shares authorized, 2,446,286 shares issued and outstanding | 611,571 | 611,571 |
Additional paid-in capital | 6,333,860 | 6,321,411 |
Retained earnings | 21,051,973 | 21,191,237 |
Total Stockholders' Equity | 27,997,404 | 28,124,219 |
Total Liabilities and Stockholders’ Equity | $38,576,443 | $36,054,590 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
Allowance for doubtful accounts (in Dollars) | $78,000 | $66,000 |
Preferred stock par value (in Dollars per share) | $1 | $1 |
Preferred stock, shares authorized | 50,000 | 50,000 |
Common stock, par value (in Dollars per share) | $0.25 | $0.25 |
Common stock, shares authorized | 4,000,000 | 4,000,000 |
Common stock, shares issued | 2,446,286 | 2,446,286 |
Common stock, shares outstanding | 2,446,286 | 2,446,286 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (Current Period Unaudited) (USD $) | 6 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income | $594,621 | $644,445 |
Loss on disposal of equipment | 0 | 541 |
Change in accounts receivable and inventory reserves | 51,032 | 16,457 |
Depreciation and amortization | 325,654 | 243,247 |
Change in cash surrender value of life insurance | -17,001 | -34,002 |
Warranty reserve | 94,447 | 99,186 |
Compensation expense related to stock options | 12,449 | 1,000 |
Accounts receivable | -1,465,530 | 644,815 |
Notes receivable and other non-trade receivables | 56,078 | 212,676 |
Inventories | -5,770,909 | 565,144 |
Prepaid expenses and other | -898,030 | 304,460 |
Accounts payable | 1,899,948 | -1,878,760 |
Accrued expenses | -128,949 | -363,224 |
Income taxes receivable/ payable | -183,000 | 315,000 |
Total adjustments | -6,023,811 | 126,540 |
Net cash provided by (used in) operating activities | -5,429,190 | 770,985 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Capital expenditures | -144,275 | -220,606 |
Proceeds from sale of assets | 0 | 3,500 |
Net cash used in investing activities | -144,275 | -217,106 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from Line of Credit | 783,222 | ' |
Payment of cash dividend | -733,885 | -611,571 |
Net cash provided by (used in) financing activities | 49,337 | -611,571 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | -5,524,128 | -57,692 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 9,197,492 | 5,814,184 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 3,673,364 | 5,756,492 |
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING ACTIVITIES: | ' | ' |
Finished goods inventory transferred to equipment leased to customers | 788,239 | ' |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ' | ' |
Interest | 900 | 17,000 |
Income taxes | $573,000 | $46,000 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance Beginning at Mar. 31, 2012 | $611,571 | $6,308,411 | $20,132,948 | $27,052,930 |
Balance Beginning (in Shares) at Mar. 31, 2012 | 2,446,286 | ' | ' | ' |
Net income | ' | ' | 644,445 | 644,445 |
Cash dividend | ' | ' | -611,571 | -611,571 |
Compensation expense related to stock options | ' | 1,000 | ' | 1,000 |
Balance Ending at Sep. 30, 2012 | 611,571 | 6,309,411 | 20,165,822 | 27,086,804 |
Balance Ending (in Shares) at Sep. 30, 2012 | 2,446,286 | ' | ' | ' |
Balance Beginning at Mar. 31, 2013 | 611,571 | 6,321,411 | 21,191,237 | 28,124,219 |
Balance Beginning (in Shares) at Mar. 31, 2013 | 2,446,286 | ' | ' | ' |
Net income | ' | ' | 594,621 | 594,621 |
Cash dividend | ' | ' | -733,885 | -733,885 |
Compensation expense related to stock options | ' | 12,449 | ' | 12,449 |
Balance Ending at Sep. 30, 2013 | $611,571 | $6,333,860 | $21,051,973 | $27,997,404 |
Balance Ending (in Shares) at Sep. 30, 2013 | 2,446,286 | ' | ' | ' |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) (Parentheticals) (USD $) | 6 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Cash dividend per share | $0.30 | $0.25 |
Note_1_Financial_Statement_Pre
Note 1 - Financial Statement Presentation | 6 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Significant Accounting Policies [Text Block] | ' |
1. Financial Statement Presentation | |
The condensed consolidated financial statements of Air T, Inc. (the “Company”) have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the following disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of the results for the periods presented have been made. | |
It is suggested that these financial statements be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended March 31, 2013. The results of operations for the periods ended September 30 are not necessarily indicative of the operating results for the full year. | |
Certain reclassifications have been made to the prior quarter amounts to conform to the current quarter presentation. Specifically, certain station expenses, including rents and salaries, totaling $281,000 and $530,000, respectively, have been reclassified from general and administrative expenses to Ground Support Services operating expenses in the financial statements for the three-month and six-month periods ended September 30, 2012. The reclassification had no impact on segment operating income. |
Note_2_Income_Taxes
Note 2 - Income Taxes | 6 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
2. Income Taxes | |
The tax effect of temporary differences, primarily asset reserves, stock based compensation and accrued liabilities, gave rise to the Company's deferred tax asset in the accompanying September 30, 2013 and March 31, 2013 consolidated balance sheets. Deferred income taxes are recognized for the tax consequence of such temporary differences at the enacted tax rate expected to be in effect when the differences reverse. | |
The income tax provisions for the respective three-month and six-month periods ended September 30, 2013 and 2012 differ from the federal statutory rate primarily as a result of the effect of state income taxes. |
Note_3_Net_Earnings_Per_Share
Note 3 - Net Earnings Per Share | 6 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share: [Abstract] | ' | ||||||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||||||
3. Net Earnings Per Share | |||||||||||||||||
Basic earnings per share has been calculated by dividing net earnings by the weighted average number of common shares outstanding during each period. For purposes of calculating diluted earnings per share, shares issuable under employee and director stock options were considered potential common shares and were included in the weighted average common shares unless they were anti-dilutive. | |||||||||||||||||
The computation of basic and diluted earnings per common share is as follows: | |||||||||||||||||
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net earnings | $ | 456,110 | $ | 227,432 | $ | 594,621 | $ | 644,445 | |||||||||
Earnings Per Share: | |||||||||||||||||
Basic | $ | 0.19 | $ | 0.09 | $ | 0.24 | $ | 0.26 | |||||||||
Diluted | $ | 0.18 | $ | 0.09 | $ | 0.24 | $ | 0.26 | |||||||||
Weighted Average Shares Outstanding: | |||||||||||||||||
Basic | 2,446,286 | 2,446,286 | 2,446,286 | 2,446,286 | |||||||||||||
Diluted | 2,485,246 | 2,450,165 | 2,477,047 | 2,454,162 | |||||||||||||
For the three months ended September 30, 2013 and 2012, respectively, options to acquire 11,000 and 33,500 shares of common stock, and for the six months ended September 30, 2013 and 2012, respectively, options to acquire 23,500 and 31,000 shares of common stock, were not included in computing diluted earnings per common share because their effects were anti-dilutive. |
Note_4_Inventories
Note 4 - Inventories | 6 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory Disclosure [Text Block] | ' | ||||||||
4. Inventories | |||||||||
Inventories consisted of the following: | |||||||||
30-Sep-13 | 31-Mar-13 | ||||||||
Aircraft parts and supplies | $ | 119,638 | $ | 119,638 | |||||
Ground support service parts | 637,207 | 327,753 | |||||||
Ground equipment manufacturing: | |||||||||
Raw materials | 9,359,936 | 4,989,335 | |||||||
Work in process | 2,063,056 | 1,305,029 | |||||||
Finished goods | 1,774,688 | 2,230,100 | |||||||
Total inventories | 13,954,525 | 8,971,855 | |||||||
Reserves | (828,429 | ) | (790,155 | ) | |||||
Total, net of reserves | $ | 13,126,096 | $ | 8,181,700 | |||||
Note_5_StockBased_Compensation
Note 5 - Stock-Based Compensation | 6 Months Ended |
Sep. 30, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' |
5. Stock Based Compensation | |
The Company maintains stock based compensation plans which allow for the issuance of stock options to officers, other key employees of the Company, and to members of the Board of Directors. The Company accounts for stock compensation using fair value recognition provisions. | |
During the three-month periods ended September 30, 2013 and 2012, options for 10,000 and 2,500 shares, respectively, were granted to directors. No other options were granted or exercised during the six-month periods ended September 30, 2013 and 2012. Stock-based compensation expense in the amount of $12,449 and $1,000 was recognized for the six-month periods ended September 30, 2013 and 2012, respectively. At September 30, 2013, there was unrecognized compensation expense of $19,700 related to the stock options. |
Note_6_Financing_Arrangements
Note 6 - Financing Arrangements | 6 Months Ended |
Sep. 30, 2013 | |
Debt Disclosure [Abstract] | ' |
Debt Disclosure [Text Block] | ' |
6. Financing Arrangements | |
The Company has a $7,000,000 secured long-term revolving credit line. In August 2013, the expiration date of the credit line was extended from August 31, 2014 to August 31, 2015. The revolving credit line contains customary events of default, a subjective acceleration clause and a fixed charge coverage requirement, with which the Company was in compliance at September 30, 2013. There is no requirement for the Company to maintain a lock-box arrangement under this agreement. The amount of credit available to the Company under the agreement at any given time is determined by an availability calculation, based on the eligible borrowing base, as defined in the credit agreement, which includes the Company’s outstanding receivables, inventories and equipment, with certain exclusions. At September 30, 2013, $7,000,000 was available under the terms of the credit facility and $783,222 was outstanding. Amounts advanced under the credit facility bear interest at the 30-day “LIBOR” rate (.18% at September 30, 2013) plus 150 basis points. | |
The Company assumes various financial obligations and commitments in the normal course of its operations and financing activities. Financial obligations are considered to represent known future cash payments that the Company is required to make under existing contractual arrangements such as debt and lease agreements. |
Note_7_Segment_Information
Note 7 - Segment Information | 6 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||||
7. Segment Information | |||||||||||||||||
The Company operates in three business segments. The overnight air cargo segment, comprised of the Company’s Mountain Air Cargo, Inc. (“MAC”) and CSA Air, Inc. (“CSA”) subsidiaries, operates in the air express delivery services industry. The ground equipment sales segment, comprised of the Company’s Global Ground Support, LLC (“GGS”) subsidiary, manufactures and provides mobile deicers and other specialized equipment products to passenger and cargo airlines, airports, the U.S. military and industrial customers. The ground support services segment, comprised of the Company’s Global Aviation Services, LLC (“GAS”) subsidiary, provides ground support equipment maintenance and facilities maintenance services to domestic airlines and aviation service providers. Each business segment has separate management teams and infrastructures that offer different products and services. The Company evaluates the performance of its operating segments based on operating income. | |||||||||||||||||
Segment data is summarized as follows: | |||||||||||||||||
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Operating Revenues: | |||||||||||||||||
Overnight Air Cargo | $ | 12,121,175 | $ | 12,051,201 | $ | 24,529,364 | $ | 22,784,927 | |||||||||
Ground Equipment Sales: | |||||||||||||||||
Domestic | 7,373,315 | 4,386,908 | 12,374,186 | 13,551,325 | |||||||||||||
International | 534,018 | 1,698,708 | 769,710 | 3,277,852 | |||||||||||||
Total Ground Equipment Sales | 7,907,333 | 6,085,616 | 13,143,896 | 16,829,177 | |||||||||||||
Ground Support Services | 4,161,584 | 3,025,243 | 7,796,886 | 6,036,121 | |||||||||||||
Total | $ | 24,190,092 | $ | 21,162,060 | $ | 45,470,146 | $ | 45,650,225 | |||||||||
Operating Income (Loss): | |||||||||||||||||
Overnight Air Cargo | $ | 564,969 | $ | 863,893 | $ | 1,237,216 | $ | 1,618,734 | |||||||||
Ground Equipment Sales | 452,702 | (163,765 | ) | 458,913 | 140,743 | ||||||||||||
Ground Support Services | 307,448 | 52,028 | 557,615 | 222,290 | |||||||||||||
Corporate | (572,627 | ) | (401,222 | ) | (1,280,794 | ) | (977,163 | ) | |||||||||
Total | $ | 752,492 | $ | 350,934 | $ | 972,950 | $ | 1,004,604 | |||||||||
Capital Expenditures: | |||||||||||||||||
Overnight Air Cargo | $ | 12,236 | $ | 16,593 | $ | 12,236 | $ | 49,495 | |||||||||
Ground Equipment Sales | 2,025 | 53,281 | 18,104 | 111,651 | |||||||||||||
Ground Support Services | 26,416 | 16,038 | 101,820 | 16,038 | |||||||||||||
Corporate | 6,183 | 4,200 | 12,115 | 43,422 | |||||||||||||
Total | $ | 46,860 | $ | 90,112 | $ | 144,275 | $ | 220,606 | |||||||||
Depreciation and Amortization: | |||||||||||||||||
Overnight Air Cargo | $ | 42,444 | $ | 38,444 | $ | 84,832 | $ | 75,890 | |||||||||
Ground Equipment Sales | 91,594 | 33,696 | 147,534 | 70,929 | |||||||||||||
Ground Support Services | 33,856 | 33,465 | 66,294 | 66,917 | |||||||||||||
Corporate | 13,459 | 12,961 | 26,994 | 29,511 | |||||||||||||
Total | $ | 181,353 | $ | 118,566 | $ | 325,654 | $ | 243,247 | |||||||||
Note_8_Commitments_and_Conting
Note 8 - Commitments and Contingencies | 6 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
8. Commitments and Contingencies | |
The Company is not currently involved in or aware of any pending or threatened lawsuits. |
Note_9_Subsequent_Events
Note 9 - Subsequent Events | 6 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
9. Subsequent Events | |
Management has evaluated all events or transactions through the date of this filing. During this period, the Company did not have any material subsequent events that impacted its consolidated financial statements. |
Note_3_Net_Earnings_Per_Share_
Note 3 - Net Earnings Per Share (Tables) | 6 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share: [Abstract] | ' | ||||||||||||||||
Schedule of Stock by Class [Table Text Block] | ' | ||||||||||||||||
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net earnings | $ | 456,110 | $ | 227,432 | $ | 594,621 | $ | 644,445 | |||||||||
Earnings Per Share: | |||||||||||||||||
Basic | $ | 0.19 | $ | 0.09 | $ | 0.24 | $ | 0.26 | |||||||||
Diluted | $ | 0.18 | $ | 0.09 | $ | 0.24 | $ | 0.26 | |||||||||
Weighted Average Shares Outstanding: | |||||||||||||||||
Basic | 2,446,286 | 2,446,286 | 2,446,286 | 2,446,286 | |||||||||||||
Diluted | 2,485,246 | 2,450,165 | 2,477,047 | 2,454,162 |
Note_4_Inventories_Tables
Note 4 - Inventories (Tables) | 6 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||
30-Sep-13 | 31-Mar-13 | ||||||||
Aircraft parts and supplies | $ | 119,638 | $ | 119,638 | |||||
Ground support service parts | 637,207 | 327,753 | |||||||
Ground equipment manufacturing: | |||||||||
Raw materials | 9,359,936 | 4,989,335 | |||||||
Work in process | 2,063,056 | 1,305,029 | |||||||
Finished goods | 1,774,688 | 2,230,100 | |||||||
Total inventories | 13,954,525 | 8,971,855 | |||||||
Reserves | (828,429 | ) | (790,155 | ) | |||||
Total, net of reserves | $ | 13,126,096 | $ | 8,181,700 |
Note_7_Segment_Information_Tab
Note 7 - Segment Information (Tables) | 6 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||||
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Operating Revenues: | |||||||||||||||||
Overnight Air Cargo | $ | 12,121,175 | $ | 12,051,201 | $ | 24,529,364 | $ | 22,784,927 | |||||||||
Ground Equipment Sales: | |||||||||||||||||
Domestic | 7,373,315 | 4,386,908 | 12,374,186 | 13,551,325 | |||||||||||||
International | 534,018 | 1,698,708 | 769,710 | 3,277,852 | |||||||||||||
Total Ground Equipment Sales | 7,907,333 | 6,085,616 | 13,143,896 | 16,829,177 | |||||||||||||
Ground Support Services | 4,161,584 | 3,025,243 | 7,796,886 | 6,036,121 | |||||||||||||
Total | $ | 24,190,092 | $ | 21,162,060 | $ | 45,470,146 | $ | 45,650,225 | |||||||||
Operating Income (Loss): | |||||||||||||||||
Overnight Air Cargo | $ | 564,969 | $ | 863,893 | $ | 1,237,216 | $ | 1,618,734 | |||||||||
Ground Equipment Sales | 452,702 | (163,765 | ) | 458,913 | 140,743 | ||||||||||||
Ground Support Services | 307,448 | 52,028 | 557,615 | 222,290 | |||||||||||||
Corporate | (572,627 | ) | (401,222 | ) | (1,280,794 | ) | (977,163 | ) | |||||||||
Total | $ | 752,492 | $ | 350,934 | $ | 972,950 | $ | 1,004,604 | |||||||||
Capital Expenditures: | |||||||||||||||||
Overnight Air Cargo | $ | 12,236 | $ | 16,593 | $ | 12,236 | $ | 49,495 | |||||||||
Ground Equipment Sales | 2,025 | 53,281 | 18,104 | 111,651 | |||||||||||||
Ground Support Services | 26,416 | 16,038 | 101,820 | 16,038 | |||||||||||||
Corporate | 6,183 | 4,200 | 12,115 | 43,422 | |||||||||||||
Total | $ | 46,860 | $ | 90,112 | $ | 144,275 | $ | 220,606 | |||||||||
Depreciation and Amortization: | |||||||||||||||||
Overnight Air Cargo | $ | 42,444 | $ | 38,444 | $ | 84,832 | $ | 75,890 | |||||||||
Ground Equipment Sales | 91,594 | 33,696 | 147,534 | 70,929 | |||||||||||||
Ground Support Services | 33,856 | 33,465 | 66,294 | 66,917 | |||||||||||||
Corporate | 13,459 | 12,961 | 26,994 | 29,511 | |||||||||||||
Total | $ | 181,353 | $ | 118,566 | $ | 325,654 | $ | 243,247 |
Note_1_Financial_Statement_Pre1
Note 1 - Financial Statement Presentation (Details) (USD $) | 3 Months Ended | 6 Months Ended |
Sep. 30, 2013 | Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' | ' |
Prior Period Reclassification Adjustment | $281,000 | $530,000 |
Note_3_Net_Earnings_Per_Share_1
Note 3 - Net Earnings Per Share (Details) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended |
Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | |
Equity Option [Member] | Equity Option [Member] | |||
Note 3 - Net Earnings Per Share (Details) [Line Items] | ' | ' | ' | ' |
Incremental Common Shares Attributable to Dilutive Effect of Call Options and Warrants | 11,000 | 23,500 | 33,500 | 31,000 |
Note_3_Net_Earnings_Per_Share_2
Note 3 - Net Earnings Per Share (Details) - Basic and Diluted Earnings per Common Share (USD $) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Basic and Diluted Earnings per Common Share [Abstract] | ' | ' | ' | ' |
Net earnings (in Dollars) | $456,110 | $227,432 | $594,621 | $644,445 |
Earnings Per Share: | ' | ' | ' | ' |
Basic (in Dollars per share) | $0.19 | $0.09 | $0.24 | $0.26 |
Diluted (in Dollars per share) | $0.18 | $0.09 | $0.24 | $0.26 |
Weighted Average Shares Outstanding: | ' | ' | ' | ' |
Basic | 2,446,286 | 2,446,286 | 2,446,286 | 2,446,286 |
Diluted | 2,485,246 | 2,450,165 | 2,477,047 | 2,454,162 |
Note_4_Inventories_Details_Inv
Note 4 - Inventories (Details) - Inventory (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
Inventory [Abstract] | ' | ' |
Aircraft parts and supplies | $119,638 | $119,638 |
Ground support service parts | 637,207 | 327,753 |
Ground equipment manufacturing: | ' | ' |
Raw materials | 9,359,936 | 4,989,335 |
Work in process | 2,063,056 | 1,305,029 |
Finished goods | 1,774,688 | 2,230,100 |
Total inventories | 13,954,525 | 8,971,855 |
Reserves | -828,429 | -790,155 |
Total, net of reserves | $13,126,096 | $8,181,700 |
Note_5_StockBased_Compensation1
Note 5 - Stock-Based Compensation (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 10,000 | 2,500 | ' | ' |
Share-based Compensation | ' | ' | $12,449 | $1,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $19,700 | ' | $19,700 | ' |
Note_6_Financing_Arrangements_
Note 6 - Financing Arrangements (Details) (USD $) | 6 Months Ended | |
Sep. 30, 2013 | Aug. 31, 2014 | |
Debt Disclosure [Abstract] | ' | ' |
Secured Long-term Debt, Noncurrent | $7,000,000 | $7,000,000 |
Line of Credit Facility, Amount Outstanding | $783,222 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 0.18% | ' |
Debt Instrument, Basis Spread on Variable Rate | 150.00% | ' |
Note_7_Segment_Information_Det
Note 7 - Segment Information (Details) - Segment Data (USD $) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Operating Revenues: | ' | ' | ' | ' |
Overnight Air Cargo | $12,121,175 | $12,051,201 | $24,529,364 | $22,784,927 |
Ground Equipment Sales: | ' | ' | ' | ' |
Ground Equipment Sales | 7,907,333 | 6,085,616 | 13,143,896 | 16,829,177 |
Ground Support Services | 4,161,584 | 3,025,243 | 7,796,886 | 6,036,121 |
Total | 24,190,092 | 21,162,060 | 45,470,146 | 45,650,225 |
Operating Income (Loss): | ' | ' | ' | ' |
Operating Income/Loss | 752,492 | 350,934 | 972,950 | 1,004,604 |
Capital Expenditures: | ' | ' | ' | ' |
Overnight Air Cargo | 4,618,716 | 4,939,237 | 9,404,399 | 9,399,631 |
Ground Equipment Sales | 6,414,360 | 5,117,938 | 10,649,267 | 14,529,220 |
Ground Support Services | 3,348,808 | 2,576,779 | 6,280,117 | 5,054,949 |
Total | 46,860 | 90,112 | 144,275 | 220,606 |
Depreciation and Amortization: | ' | ' | ' | ' |
Depreciation and Amortization | 181,353 | 118,566 | 325,654 | 243,247 |
Domestic [Member] | ' | ' | ' | ' |
Ground Equipment Sales: | ' | ' | ' | ' |
Ground Equipment Sales | 7,373,315 | 4,386,908 | 12,374,186 | 13,551,325 |
International [Member] | ' | ' | ' | ' |
Ground Equipment Sales: | ' | ' | ' | ' |
Ground Equipment Sales | 534,018 | 1,698,708 | 769,710 | 3,277,852 |
Overnight Air Cargo [Member] | ' | ' | ' | ' |
Operating Income (Loss): | ' | ' | ' | ' |
Operating Income/Loss | 564,969 | 863,893 | 1,237,216 | 1,618,734 |
Capital Expenditures: | ' | ' | ' | ' |
Overnight Air Cargo | 12,236 | 16,593 | 12,236 | 49,495 |
Depreciation and Amortization: | ' | ' | ' | ' |
Depreciation and Amortization | 42,444 | 38,444 | 84,832 | 75,890 |
Ground Equipment Sales [Member] | ' | ' | ' | ' |
Operating Income (Loss): | ' | ' | ' | ' |
Operating Income/Loss | 452,702 | -163,765 | 458,913 | 140,743 |
Capital Expenditures: | ' | ' | ' | ' |
Ground Equipment Sales | 2,025 | 53,281 | 18,104 | 111,651 |
Depreciation and Amortization: | ' | ' | ' | ' |
Depreciation and Amortization | 91,594 | 33,696 | 147,534 | 70,929 |
Ground Support Services [Member] | ' | ' | ' | ' |
Operating Income (Loss): | ' | ' | ' | ' |
Operating Income/Loss | 307,448 | 52,028 | 557,615 | 222,290 |
Capital Expenditures: | ' | ' | ' | ' |
Ground Support Services | 26,416 | 16,038 | 101,820 | 16,038 |
Depreciation and Amortization: | ' | ' | ' | ' |
Depreciation and Amortization | 33,856 | 33,465 | 66,294 | 66,917 |
Corporate Division [Member] | ' | ' | ' | ' |
Operating Income (Loss): | ' | ' | ' | ' |
Operating Income/Loss | -572,627 | -401,222 | -1,280,794 | -977,163 |
Capital Expenditures: | ' | ' | ' | ' |
Corporate | 6,183 | 4,200 | 12,115 | 43,422 |
Depreciation and Amortization: | ' | ' | ' | ' |
Depreciation and Amortization | $13,459 | $12,961 | $26,994 | $29,511 |