Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Dec. 31, 2014 | Jan. 30, 2015 | |
Entity Registrant Name | AIR T INC | |
Entity Central Index Key | 353184 | |
Current Fiscal Year End Date | -28 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 2,370,027 | |
Document Type | 10-Q | |
Document Period End Date | 31-Dec-14 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | FALSE |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Revenues: | ||||
Revenues | $30,892,986 | $29,834,600 | $87,296,249 | $75,304,746 |
Operating Expenses: | ||||
Flight-air cargo | 5,641,402 | 5,537,259 | 15,943,068 | 14,941,658 |
Maintenance-air cargo | 6,174,155 | 7,510,131 | 16,684,148 | 19,579,634 |
Ground equipment sales | 9,474,732 | 8,585,518 | 27,429,825 | 19,234,785 |
Ground support services | 4,366,863 | 3,441,110 | 12,160,830 | 9,721,227 |
General and administrative | 3,654,280 | 3,775,264 | 10,636,068 | 9,543,520 |
Depreciation and amortization | 221,654 | 214,636 | 660,825 | 540,290 |
Gain on sale of assets | -780,920 | -24,988 | -1,054,781 | -24,988 |
28,752,166 | 29,038,930 | 82,459,983 | 73,536,126 | |
Operating Income | 2,140,820 | 795,670 | 4,836,266 | 1,768,620 |
Non-operating Income (Expense): | ||||
Realized gain (loss) on sale of marketable securities | 78 | 0 | 8,487 | 0 |
Investment income | 970 | 4,165 | 8,698 | 16,737 |
Interest expense and other | -2,798 | -4,938 | -19,079 | -5,839 |
-1,750 | -773 | -1,894 | 10,898 | |
Income Before Income Taxes | 2,139,070 | 794,897 | 4,834,372 | 1,779,518 |
Income Taxes | 690,617 | 340,000 | 1,494,821 | 730,000 |
Net Income | 1,448,453 | 454,897 | 3,339,551 | 1,049,518 |
Earnings Per Share [Abstract] | ||||
Basic (in dollars per share) | $0.61 | $0.19 | $1.42 | $0.43 |
Diluted (in dollars per share) | $0.61 | $0.19 | $1.41 | $0.43 |
Dividends Declared Per Share (in dollars per share) | $0.30 | |||
Weighted Average Shares Outstanding: | ||||
Basic (in shares) | 2,357,637 | 2,408,198 | 2,355,901 | 2,433,544 |
Diluted (in shares) | 2,381,214 | 2,441,569 | 2,373,500 | 2,458,040 |
Ground Equipment Sales [Member] | ||||
Operating Revenues: | ||||
Revenues | 12,639,354 | 11,051,176 | 35,902,468 | 24,195,072 |
Operating Expenses: | ||||
Depreciation and amortization | 135,585 | 127,191 | 393,767 | 274,725 |
Operating Income | 1,704,445 | 1,208,623 | 4,448,349 | 1,667,536 |
Ground Support Services [Member] | ||||
Operating Revenues: | ||||
Revenues | 5,279,822 | 4,308,020 | 14,767,637 | 12,104,906 |
Operating Expenses: | ||||
Depreciation and amortization | 40,645 | 31,929 | 126,540 | 98,223 |
Operating Income | 262,099 | 253,834 | 574,212 | 811,449 |
Overnight Air Cargo [Member] | ||||
Operating Revenues: | ||||
Revenues | 12,973,810 | 14,475,404 | 36,626,144 | 39,004,768 |
Operating Expenses: | ||||
Depreciation and amortization | 39,371 | 42,478 | 118,411 | 127,310 |
Operating Income | $602,776 | $497,552 | $1,425,692 | $1,734,768 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net income | $1,448,453 | $454,897 | $3,339,551 | $1,049,518 |
Other comprehensive income (loss): | ||||
Unrealized gains on investment securities available for sale | 672,620 | 550,787 | ||
Tax effect of unrealized gains on investment securities available for sale | -242,139 | -197,676 | ||
Total unrealized gains on investment securities available for sale, net of tax amount | 430,481 | 353,111 | ||
Reclassification of gains on investment securities available for sale included in net income | -78 | -8,487 | ||
Tax effect of reclassification of gains on investment securities available for sale included in net income | 24 | 3,093 | ||
Reclassification adjustment for realized gains, net of tax amount | -54 | -5,394 | ||
Total other comprehensive income | 430,427 | 347,717 | ||
Total comprehensive income | $1,878,880 | $454,897 | $3,687,268 | $1,049,518 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
Current Assets: | ||
Cash and cash equivalents | $8,816,496 | $3,758,888 |
Investment securities available for sale | 5,602,491 | 1,460,518 |
Accounts receivable, less allowance for doubtful accounts of $216,107 and $150,000 | 13,328,001 | 10,247,179 |
Notes and other receivables-current | 1,212,771 | 1,628,875 |
Income tax receivable | 761,000 | |
Inventories | 7,976,963 | 12,239,469 |
Deferred income taxes | 18,387 | 210,000 |
Prepaid expenses and other | 574,025 | 845,595 |
Total Current Assets | 37,529,134 | 31,151,524 |
Property and Equipment, net | 2,796,814 | 3,986,174 |
Cash Surrender Value of Life Insurance Policies | 2,004,916 | 1,887,611 |
Notes and Other Receivables-Long Term | 59,611 | |
Other Assets | 192,675 | 135,727 |
Total Assets | 42,523,539 | 37,220,647 |
Current Liabilities: | ||
Accounts payable | 6,398,167 | 6,426,056 |
Income tax payable | 496,385 | |
Accrued expenses | 3,736,690 | 2,592,534 |
Total Current Liabilities | 10,631,242 | 9,018,590 |
Long-term Debt | 0 | 0 |
Deferred Income Taxes | 842,000 | 842,000 |
Stockholders' Equity: | ||
Preferred stock, $1.00 par value, 50,000 shares authorized, | 0 | 0 |
Common stock, $.25 par value; 4,000,000 shares authorized, 2,370,027 and 2,355,028 shares issued and outstanding | 592,506 | 588,756 |
Additional paid-in capital | 4,854,315 | 4,855,093 |
Retained earnings | 25,263,539 | 21,923,988 |
Accumulated other comprehensive income (loss), net | 339,937 | -7,780 |
Total Stockholders' Equity | 31,050,297 | 27,360,057 |
Total Liabilities and Stockholders’ Equity | $42,523,539 | $37,220,647 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
Allowance for doubtful accounts | $216,107 | $150,000 |
Preferred stock, par value (in dollars per share) | $1 | $1 |
Preferred stock, authorized (in shares) | 50,000 | 50,000 |
Common stock, par value (in dollars per share) | $0.25 | $0.25 |
Common stock, authorized (in shares) | 4,000,000 | 4,000,000 |
Common stock, issued (in shares) | 2,370,027 | 2,355,028 |
Common stock, outstanding (in shares) | 2,370,027 | 2,355,028 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $3,339,551 | $1,049,518 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Gain on sale of marketable securities available for sale | -8,487 | 0 |
Gain on sale of assets | -1,054,781 | -24,988 |
Change in accounts receivable and inventory reserves | -245,358 | 105,072 |
Depreciation and amortization | 660,825 | 540,290 |
Change in cash surrender value of life insurance | -117,305 | -51,001 |
Warranty reserve | 103,065 | 240,942 |
Compensation expense related to stock options | 8,958 | 17,824 |
Change in operating assets and liabilities: | ||
Accounts receivable | -3,146,977 | 1,611,563 |
Notes receivable and other non-trade receivables | 475,715 | 79,955 |
Inventories | 4,574,019 | -4,430,352 |
Prepaid expenses and other | 214,623 | -364,792 |
Accounts payable | -27,889 | 461,014 |
Accrued expenses | 1,041,090 | 705,895 |
Income tax payable | 1,257,385 | -28,000 |
Total adjustments | 3,734,883 | -1,136,578 |
Net cash provided by (used in) operating activities | 7,074,434 | -87,060 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of investment securities available for sale | -4,109,201 | |
Proceeds from sale of investment securities available for sale | 515,045 | |
Capital expenditures | -1,774,495 | -267,523 |
Proceeds from sale of assets | 3,357,810 | 39,140 |
Net cash provided by (used in) investing activities | -2,010,841 | -228,383 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from line of credit | 1,330,888 | |
Line of credit payoff | -1,330,888 | |
Payment of cash dividend | -733,885 | |
Repurchase of common stock | -1,078,217 | |
Proceeds from exercise of stock options | 124,350 | 25,375 |
Repurchase of stock options | -130,335 | -222,740 |
Net cash provided by (used in) financing activities | -5,985 | -2,009,467 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | 5,057,608 | -2,324,910 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 3,758,888 | 9,197,492 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 8,816,496 | 6,872,582 |
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING ACTIVITIES: | ||
Finished goods inventory transferred to equipment leased to customers | 1,132,115 | 788,239 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Interest | 19,152 | 5,800 |
Income taxes | $240,618 | $759,000 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Stockholders' Equity (unaudited) (USD $) | Total | Accumulated Other Comprehensive Income (Loss) [Member] | Additional Paid-in Capital [Member] | Common Stock [Member] | Retained Earnings [Member] |
Balance at Mar. 31, 2013 | $28,124,219 | $6,321,411 | $611,571 | $21,191,237 | |
Balance (in shares) at Mar. 31, 2013 | 2,446,286 | ||||
Net income | 1,049,518 | 1,049,518 | |||
Cash dividend ($0.30 per share) | -733,885 | -733,885 | |||
Exercise of stock options (in shares) | 2,500 | ||||
Exercise of stock options | 25,375 | 24,750 | 625 | ||
Compensation expense related to stock options | 17,824 | 17,824 | |||
Repurchase of stock options | -222,740 | -222,740 | |||
Repurchase of common stock (in shares) | -93,758 | ||||
Repurchase of common stock | -1,078,217 | -1,054,776 | -23,441 | ||
Balance at Dec. 31, 2013 | 27,182,094 | 5,086,469 | 588,755 | 21,506,870 | |
Balance (in shares) at Dec. 31, 2013 | 2,355,028 | ||||
Balance at Mar. 31, 2014 | 27,360,057 | -7,780 | 4,855,093 | 588,756 | 21,923,988 |
Balance (in shares) at Mar. 31, 2014 | 2,355,027 | ||||
Net income | 3,339,551 | 3,339,551 | |||
Exercise of stock options (in shares) | 15,000 | 15,000 | |||
Exercise of stock options | 124,350 | 120,600 | 3,750 | ||
Compensation expense related to stock options | 8,957 | 8,957 | |||
Repurchase of stock options | -130,335 | -130,335 | |||
Unrealized gain from marketable securities, net of tax | 347,717 | 347,717 | |||
Balance at Dec. 31, 2014 | $31,050,297 | $339,937 | $4,854,315 | $592,506 | $25,263,539 |
Balance (in shares) at Dec. 31, 2014 | 2,370,027 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Stockholders' Equity (unaudited) (Parentheticals) (Retained Earnings [Member], USD $) | 9 Months Ended |
Dec. 31, 2013 | |
Retained Earnings [Member] | |
Cash dividend per share (in dollars per share) | $0.30 |
Note_1_Financial_Statement_Pre
Note 1 - Financial Statement Presentation | 9 Months Ended | |
Dec. 31, 2014 | ||
Notes to Financial Statements | ||
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, 2014. The results of operations for the periods ended December 31 are not necessarily indicative of the operating results for the full year. | ||
New Accounting Pronouncement | ||
In August 2014, the FASB issued Accounting Standards Update ASU 2014-15, "Presentation of Financial Statements - Going Concern Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern". This ASU clarifies management's responsibility to evaluate and provide related disclosures if there are any conditions or events, as a whole, that raise substantial doubt about the entity's ability to continue as a going concern for one year after the date the financial statements are issued. The FASB believes this will reduce diversity in the timing and content of going concern disclosures. This ASU is effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter. Early adoption is permitted. The Company is in the process of determining the method of adoption and assessing the impact of this ASU on its Consolidated Financial Statements. | ||
On May 28, 2014, the FASB issued Accounting Standards Update ASU No. 2014-09, Revenue from Contracts with Customers, which will replace most existing revenue recognition guidance in U.S. GAAP. The core principle of the ASU is that an entity should recognize revenue for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services. The ASU requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. The ASU will be effective for the Company beginning April 1, 2017, including interim periods in its fiscal year 2018, and allows for both full retrospective and modified retrospective methods of adoption. The Company is in the process of determining the method of adoption and assessing the impact of this ASU on its Consolidated Financial Statements. |
Note_2_Income_Taxes
Note 2 - Income Taxes | 9 Months Ended | |
Dec. 31, 2014 | ||
Notes to Financial Statements | ||
Income Tax Disclosure [Text Block] | 2 | Income Taxes |
Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax laws and rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. | ||
The income tax provisions for the respective three-month and nine-month periods ended December 31, 2014 differ from the federal statutory rate partially due to the effect of state income taxes and the renewal of the federal production deduction. The rate for the period ended December 31, 2014 also includes the estimated benefit for the exclusion of income for the Company's captive insurance company subsdiary afforded under Section 831(b). |
Note_3_Net_Earnings_Per_Share
Note 3 - Net Earnings Per Share | 9 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Notes to Financial Statements | |||||||||||||||||
Earnings Per Share [Text Block] | 3 | Net Earnings Per Share | |||||||||||||||
Basic earnings per share have 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 December 31, | Nine Months Ended December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net earnings | $ | 1,448,453 | $ | 454,897 | $ | 3,339,551 | $ | 1,049,518 | |||||||||
Earnings Per Share: | |||||||||||||||||
Basic | $ | 0.61 | $ | 0.19 | $ | 1.42 | $ | 0.43 | |||||||||
Diluted | $ | 0.61 | $ | 0.19 | $ | 1.41 | $ | 0.43 | |||||||||
Weighted Average Shares Outstanding: | |||||||||||||||||
Basic | 2,357,637 | 2,408,198 | 2,355,901 | 2,433,544 | |||||||||||||
Diluted | 2,381,214 | 2,441,569 | 2,373,500 | 2,458,040 | |||||||||||||
For the nine months ended December 31, 2013, options to acquire 10,000 shares of common stock were not included in computing diluted earnings per common share because their effects were anti-dilutive. No options for the three months ended December 31, 2014 and 2013 and nine months ended December 31, 2014 were anti-dilutive. |
Note_4_Investment_Securities_A
Note 4 - Investment Securities Available for Sale | 9 Months Ended | |
Dec. 31, 2014 | ||
Notes to Financial Statements | ||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 4 | Investment |
Securities | ||
Available For Sale | ||
Investment securities available for sale at December 31, 2014 consisted of investments in equity securities of publicly traded companies with a fair value of $5,602,491, an amortized cost basis of $5,070,971, gross unrealized gains aggregating $587,469 and gross unrealized losses aggregating $55,949. Securities in a loss position at December 31, 2014 had a fair value of $874,800 and had been in a continuous loss position for less than twelve months. The Company realized gains of $8,487 from the sale of securities for nine months ended December 31, 2014 and $0 for nine months ended December 31, 2013. The Company realized gains of $78 from the sale of securities for three months ended December 31, 2014 and $0 for three months ended December 31, 2013. Investment securities available for sale at March 31, 2014 consisted of investments in publicly traded companies with a fair value of $1,460,000, an amortized cost basis of $1,471,000, gross unrealized gains aggregating $16,000 and gross unrealized losses aggregating $27,000. The investment securities available for sale held by the Company as of December 31, 2014 and March 31, 2014 are classified as available for sale securities. All securities are priced using publicly quoted market prices and are considered Level 1 fair value measurements. |
Note_5_Inventories
Note 5 - Inventories | 9 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Notes to Financial Statements | |||||||||
Inventory Disclosure [Text Block] | 5 | Inventories | |||||||
Inventories consisted of the following: | |||||||||
31-Dec-14 | 31-Mar-14 | ||||||||
Aircraft parts and supplies | $ | - | $ | 119,638 | |||||
Ground support service parts | 1,107,946 | 608,674 | |||||||
Ground equipment manufacturing: | |||||||||
Raw materials | 4,732,731 | 6,965,659 | |||||||
Work in process | 1,929,572 | 1,814,791 | |||||||
Finished goods | 650,763 | 3,486,269 | |||||||
Total inventories | 8,421,012 | 12,995,031 | |||||||
Reserves | (444,049 | ) | (755,562 | ) | |||||
Total, net of reserves | $ | 7,976,963 | $ | 12,239,469 |
Note_6_Stockbased_Compensation
Note 6 - Stock-based Compensation | 9 Months Ended | |
Dec. 31, 2014 | ||
Notes to Financial Statements | ||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 6 | 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 period ended December 31, 2014, options for 15,000 shares were exercised, options for 2,500 shares were repurchased by the company and cancelled and options for 6,000 shares expired. For the nine-month period ended December 31, 2014, options for 15,000 shares were exercised, options for 32,000 shares were repurchased by the company and cancelled and options for 6,000 shares expired. Stock-based compensation expense in the amount of $8,958 and $17,824 was recognized for the nine-month periods ended December 31, 2014 and 2013, respectively. At December 31, 2014, there was no unrecognized compensation expense related to the stock options. |
Note_7_Financing_Arrangements
Note 7 - Financing Arrangements | 9 Months Ended | |
Dec. 31, 2014 | ||
Notes to Financial Statements | ||
Debt Disclosure [Text Block] | 7 | Financing Arrangements |
The Company has a secured long-term revolving credit line with an expiration date of August 31, 2016. During the quarter ended September 30, 2014, the maximum amount available under the revolving credit line was increased from $7,000,000 to $9,000,000 through December 31, 2014, with the maximum amount available returning to $7,000,000 on January 1, 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 December 31, 2014. 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 December 31, 2014, $9,000,000 was available under the terms of the credit facility with borrowings of $0 outstanding at December 31, 2014 and March 31, 2014. Amounts advanced under the credit facility bear interest at the 30-day “LIBOR” rate (.16925% at December 31, 2014) 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_8_Segment_Information
Note 8 - Segment Information | 9 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Notes to Financial Statements | |||||||||||||||||
Segment Reporting Disclosure [Text Block] | 8 | 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 December 31, | Nine Months Ended December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Operating Revenues: | |||||||||||||||||
Overnight Air Cargo | $ | 12,973,810 | $ | 14,475,404 | $ | 36,626,144 | $ | 39,004,768 | |||||||||
Ground Equipment Sales: | |||||||||||||||||
Domestic | 9,142,043 | 8,180,669 | 23,775,339 | 20,554,855 | |||||||||||||
International | 3,497,312 | 2,870,507 | 12,127,129 | 3,640,217 | |||||||||||||
Total Ground Equipment Sales | 12,639,355 | 11,051,176 | 35,902,468 | 24,195,072 | |||||||||||||
Ground Support Services | 5,279,822 | 4,308,020 | 14,767,637 | 12,104,906 | |||||||||||||
Total | $ | 30,892,987 | $ | 29,834,600 | $ | 87,296,249 | $ | 75,304,746 | |||||||||
Operating Income (Loss): | |||||||||||||||||
Overnight Air Cargo | $ | 602,776 | $ | 497,552 | $ | 1,425,692 | $ | 1,734,768 | |||||||||
Ground Equipment Sales | 1,704,445 | 1,208,623 | 4,448,349 | 1,667,536 | |||||||||||||
Ground Support Services | 262,099 | 253,834 | 574,212 | 811,449 | |||||||||||||
Corporate | (428,500 | ) | (1,164,339 | ) | (1,611,987 | ) | (2,445,133 | ) | |||||||||
Total | $ | 2,140,820 | $ | 795,670 | $ | 4,836,266 | $ | 1,768,620 | |||||||||
Capital Expenditures: | |||||||||||||||||
Overnight Air Cargo | $ | 152,606 | $ | 37,769 | $ | 240,945 | $ | 50,005 | |||||||||
Ground Equipment Sales | 8,299 | 10,451 | 1,357,847 | 28,555 | |||||||||||||
Ground Support Services | 60,367 | 57,748 | 175,703 | 159,568 | |||||||||||||
Corporate | - | 17,280 | - | 29,395 | |||||||||||||
Total | $ | 221,272 | $ | 123,248 | $ | 1,774,495 | $ | 267,523 | |||||||||
Depreciation and Amortization: | |||||||||||||||||
Overnight Air Cargo | $ | 39,371 | $ | 42,478 | $ | 118,411 | $ | 127,310 | |||||||||
Ground Equipment Sales | 135,585 | 127,191 | 393,767 | 274,725 | |||||||||||||
Ground Support Services | 40,645 | 31,929 | 126,540 | 98,223 | |||||||||||||
Corporate | 6,054 | 13,038 | 22,107 | 40,032 | |||||||||||||
Total | $ | 221,655 | $ | 214,636 | $ | 660,825 | $ | 540,290 |
Note_9_Commitments_and_Conting
Note 9 - Commitments and Contingencies | 9 Months Ended | |
Dec. 31, 2014 | ||
Notes to Financial Statements | ||
Commitments and Contingencies Disclosure [Text Block] | 9 | Commitments and Contingencies |
The Company is not currently involved in or aware of any pending or threatened lawsuits. |
Note_10_Subsequent_Events
Note 10 - Subsequent Events | 9 Months Ended | |
Dec. 31, 2014 | ||
Notes to Financial Statements | ||
Subsequent Events [Text Block] | 10 | 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. |
Significant_Accounting_Policie
Significant Accounting Policies (Policies) | 9 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncement |
In August 2014, the FASB issued Accounting Standards Update ASU 2014-15, "Presentation of Financial Statements - Going Concern Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern". This ASU clarifies management's responsibility to evaluate and provide related disclosures if there are any conditions or events, as a whole, that raise substantial doubt about the entity's ability to continue as a going concern for one year after the date the financial statements are issued. The FASB believes this will reduce diversity in the timing and content of going concern disclosures. This ASU is effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter. Early adoption is permitted. The Company is in the process of determining the method of adoption and assessing the impact of this ASU on its Consolidated Financial Statements. | |
On May 28, 2014, the FASB issued Accounting Standards Update ASU No. 2014-09, Revenue from Contracts with Customers, which will replace most existing revenue recognition guidance in U.S. GAAP. The core principle of the ASU is that an entity should recognize revenue for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services. The ASU requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. The ASU will be effective for the Company beginning April 1, 2017, including interim periods in its fiscal year 2018, and allows for both full retrospective and modified retrospective methods of adoption. The Company is in the process of determining the method of adoption and assessing the impact of this ASU on its Consolidated Financial Statements. |
Note_3_Net_Earnings_Per_Share_
Note 3 - Net Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Notes Tables | |||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net earnings | $ | 1,448,453 | $ | 454,897 | $ | 3,339,551 | $ | 1,049,518 | |||||||||
Earnings Per Share: | |||||||||||||||||
Basic | $ | 0.61 | $ | 0.19 | $ | 1.42 | $ | 0.43 | |||||||||
Diluted | $ | 0.61 | $ | 0.19 | $ | 1.41 | $ | 0.43 | |||||||||
Weighted Average Shares Outstanding: | |||||||||||||||||
Basic | 2,357,637 | 2,408,198 | 2,355,901 | 2,433,544 | |||||||||||||
Diluted | 2,381,214 | 2,441,569 | 2,373,500 | 2,458,040 |
Note_5_Inventories_Tables
Note 5 - Inventories (Tables) | 9 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Notes Tables | |||||||||
Schedule of Inventory, Current [Table Text Block] | 31-Dec-14 | 31-Mar-14 | |||||||
Aircraft parts and supplies | $ | - | $ | 119,638 | |||||
Ground support service parts | 1,107,946 | 608,674 | |||||||
Ground equipment manufacturing: | |||||||||
Raw materials | 4,732,731 | 6,965,659 | |||||||
Work in process | 1,929,572 | 1,814,791 | |||||||
Finished goods | 650,763 | 3,486,269 | |||||||
Total inventories | 8,421,012 | 12,995,031 | |||||||
Reserves | (444,049 | ) | (755,562 | ) | |||||
Total, net of reserves | $ | 7,976,963 | $ | 12,239,469 |
Note_8_Segment_Information_Tab
Note 8 - Segment Information (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Notes Tables | |||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Operating Revenues: | |||||||||||||||||
Overnight Air Cargo | $ | 12,973,810 | $ | 14,475,404 | $ | 36,626,144 | $ | 39,004,768 | |||||||||
Ground Equipment Sales: | |||||||||||||||||
Domestic | 9,142,043 | 8,180,669 | 23,775,339 | 20,554,855 | |||||||||||||
International | 3,497,312 | 2,870,507 | 12,127,129 | 3,640,217 | |||||||||||||
Total Ground Equipment Sales | 12,639,355 | 11,051,176 | 35,902,468 | 24,195,072 | |||||||||||||
Ground Support Services | 5,279,822 | 4,308,020 | 14,767,637 | 12,104,906 | |||||||||||||
Total | $ | 30,892,987 | $ | 29,834,600 | $ | 87,296,249 | $ | 75,304,746 | |||||||||
Operating Income (Loss): | |||||||||||||||||
Overnight Air Cargo | $ | 602,776 | $ | 497,552 | $ | 1,425,692 | $ | 1,734,768 | |||||||||
Ground Equipment Sales | 1,704,445 | 1,208,623 | 4,448,349 | 1,667,536 | |||||||||||||
Ground Support Services | 262,099 | 253,834 | 574,212 | 811,449 | |||||||||||||
Corporate | (428,500 | ) | (1,164,339 | ) | (1,611,987 | ) | (2,445,133 | ) | |||||||||
Total | $ | 2,140,820 | $ | 795,670 | $ | 4,836,266 | $ | 1,768,620 | |||||||||
Capital Expenditures: | |||||||||||||||||
Overnight Air Cargo | $ | 152,606 | $ | 37,769 | $ | 240,945 | $ | 50,005 | |||||||||
Ground Equipment Sales | 8,299 | 10,451 | 1,357,847 | 28,555 | |||||||||||||
Ground Support Services | 60,367 | 57,748 | 175,703 | 159,568 | |||||||||||||
Corporate | - | 17,280 | - | 29,395 | |||||||||||||
Total | $ | 221,272 | $ | 123,248 | $ | 1,774,495 | $ | 267,523 | |||||||||
Depreciation and Amortization: | |||||||||||||||||
Overnight Air Cargo | $ | 39,371 | $ | 42,478 | $ | 118,411 | $ | 127,310 | |||||||||
Ground Equipment Sales | 135,585 | 127,191 | 393,767 | 274,725 | |||||||||||||
Ground Support Services | 40,645 | 31,929 | 126,540 | 98,223 | |||||||||||||
Corporate | 6,054 | 13,038 | 22,107 | 40,032 | |||||||||||||
Total | $ | 221,655 | $ | 214,636 | $ | 660,825 | $ | 540,290 |
Note_3_Net_Earnings_Per_Share_1
Note 3 - Net Earnings Per Share (Details Textual) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 0 | 10,000 |
Note_3_Basic_and_Diluted_Earni
Note 3 - Basic and Diluted Earnings Per Common Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net income | $1,448,453 | $454,897 | $3,339,551 | $1,049,518 |
Earnings Per Share [Abstract] | ||||
Basic (in dollars per share) | $0.61 | $0.19 | $1.42 | $0.43 |
Diluted (in dollars per share) | $0.61 | $0.19 | $1.41 | $0.43 |
Weighted Average Shares Outstanding: | ||||
Basic (in shares) | 2,357,637 | 2,408,198 | 2,355,901 | 2,433,544 |
Diluted (in shares) | 2,381,214 | 2,441,569 | 2,373,500 | 2,458,040 |
Note_4_Investment_Securities_A1
Note 4 - Investment Securities Available for Sale (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | |
Investments, Debt and Equity Securities [Abstract] | |||||
Marketable Securities, Current | $5,602,491 | $5,602,491 | $1,460,000 | ||
Available-for-sale Securities, Amortized Cost Basis | 5,070,971 | 5,070,971 | 1,471,000 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 587,469 | 587,469 | 16,000 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 55,949 | 55,949 | 27,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 874,800 | 874,800 | |||
Marketable Securities, Realized Gain (Loss), Excluding Other than Temporary Impairments | $78 | $0 | $8,487 | $0 |
Note_5_Inventory_Details
Note 5 - Inventory (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
Aircraft parts and supplies | $119,638 | |
Ground support service parts | 1,107,946 | 608,674 |
Raw materials | 4,732,731 | 6,965,659 |
Work in process | 1,929,572 | 1,814,791 |
Finished goods | 650,763 | 3,486,269 |
Total inventories | 8,421,012 | 12,995,031 |
Reserves | -444,049 | -755,562 |
Total, net of reserves | $7,976,963 | $12,239,469 |
Note_6_Stockbased_Compensation1
Note 6 - Stock-based Compensation (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 15,000 | 15,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 2,500 | 32,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | 6,000 | 6,000 | |
Allocated Share-based Compensation Expense | $8,958 | $17,824 |
Note_7_Financing_Arrangements_
Note 7 - Financing Arrangements (Details Textual) (Revolving Credit Facility [Member], USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 |
Debt Disclosure [Abstract] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $7,000,000 | $9,000,000 | $7,000,000 |
Line of Credit Facility, Remaining Borrowing Capacity | 9,000,000 | ||
Long-term Line of Credit | $0 | ||
Line of Credit Facility, Interest Rate at Period End | 0.17% | ||
London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Disclosure [Abstract] | |||
Derivative, Basis Spread on Variable Rate | 1.50% |
Note_8_Segment_Information_Det
Note 8 - Segment Information (Details Textual) | 9 Months Ended |
Dec. 31, 2014 | |
Segment Reporting [Abstract] | |
Number of Operating Segments | 3 |
Note_8_Segment_Data_Details
Note 8 - Segment Data (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Revenues: | ||||
Revenues | $30,892,986 | $29,834,600 | $87,296,249 | $75,304,746 |
Operating Income (Loss): | ||||
Operating Income (Loss) | 2,140,820 | 795,670 | 4,836,266 | 1,768,620 |
Capital Expenditures: | ||||
Capital Expenditures | 221,272 | 123,248 | 1,774,495 | 267,523 |
Depreciation and Amortization: | ||||
Depreciation and amortization | 221,654 | 214,636 | 660,825 | 540,290 |
Corporate Segment [Member] | ||||
Operating Income (Loss): | ||||
Operating Income (Loss) | -428,500 | -1,164,339 | -1,611,987 | -2,445,133 |
Capital Expenditures: | ||||
Capital Expenditures | 17,280 | 29,395 | ||
Depreciation and Amortization: | ||||
Depreciation and amortization | 6,054 | 13,038 | 22,107 | 40,032 |
Ground Equipment Sales [Member] | ||||
Operating Revenues: | ||||
Revenues | 12,639,354 | 11,051,176 | 35,902,468 | 24,195,072 |
Operating Income (Loss): | ||||
Operating Income (Loss) | 1,704,445 | 1,208,623 | 4,448,349 | 1,667,536 |
Capital Expenditures: | ||||
Capital Expenditures | 8,299 | 10,451 | 1,357,847 | 28,555 |
Depreciation and Amortization: | ||||
Depreciation and amortization | 135,585 | 127,191 | 393,767 | 274,725 |
Ground Equipment Sales [Member] | Domestic [Member] | ||||
Operating Revenues: | ||||
Revenues | 9,142,043 | 8,180,669 | 23,775,339 | 20,554,855 |
Ground Equipment Sales [Member] | International [Member] | ||||
Operating Revenues: | ||||
Revenues | 3,497,312 | 2,870,507 | 12,127,129 | 3,640,217 |
Ground Support Services [Member] | ||||
Operating Revenues: | ||||
Revenues | 5,279,822 | 4,308,020 | 14,767,637 | 12,104,906 |
Operating Income (Loss): | ||||
Operating Income (Loss) | 262,099 | 253,834 | 574,212 | 811,449 |
Capital Expenditures: | ||||
Capital Expenditures | 60,367 | 57,748 | 175,703 | 159,568 |
Depreciation and Amortization: | ||||
Depreciation and amortization | 40,645 | 31,929 | 126,540 | 98,223 |
Overnight Air Cargo [Member] | ||||
Operating Revenues: | ||||
Revenues | 12,973,810 | 14,475,404 | 36,626,144 | 39,004,768 |
Operating Income (Loss): | ||||
Operating Income (Loss) | 602,776 | 497,552 | 1,425,692 | 1,734,768 |
Capital Expenditures: | ||||
Capital Expenditures | 152,606 | 37,769 | 240,945 | 50,005 |
Depreciation and Amortization: | ||||
Depreciation and amortization | $39,371 | $42,478 | $118,411 | $127,310 |