Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | 29-May-15 | Sep. 30, 2014 |
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) | 2,372,527 | ||
Entity Public Float | $22,145 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Mar-15 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Operating Revenues: | ||
Revenues | $112,181,158 | $100,772,045 |
Operating Expenses: | ||
Flight-air cargo | 22,219,794 | 20,679,970 |
Maintenance-air cargo | 22,889,035 | 25,718,067 |
Ground equipment sales | 31,949,363 | 24,580,644 |
Ground support services | 17,495,471 | 13,588,522 |
General and administrative | 14,222,996 | 12,843,507 |
Depreciation and amortization | 856,911 | 752,412 |
Loss (gain) on sale of property and equipment | -869,116 | -23,617 |
108,764,455 | 98,139,505 | |
Operating Income | 3,416,703 | 2,632,540 |
Non-operating Income: | ||
Gain on sale of marketable securities | 8,487 | 10,954 |
Other investment income, net | -10,265 | 15,142 |
-1,778 | 26,096 | |
Income Before Income Taxes | 3,414,926 | 2,658,636 |
Income Taxes | 931,000 | 1,192,000 |
Net Income | 2,483,926 | 1,466,636 |
Earnings Per Share: | ||
Basic (in dollars per share) | $1.05 | $0.61 |
Diluted (in dollars per share) | $1.04 | $0.60 |
Dividends Declared Per Share (in dollars per share) | $0.30 | |
Weighted Average Shares Outstanding: | ||
Basic (in shares) | 2,359,610 | 2,414,184 |
Diluted (in shares) | 2,379,928 | 2,433,058 |
Overnight Air Cargo [Member] | ||
Operating Revenues: | ||
Revenues | 49,864,547 | 52,341,439 |
Operating Expenses: | ||
Depreciation and amortization | 158,179 | 166,796 |
Operating Income | 1,174,330 | 2,158,525 |
Ground Equipment Sales [Member] | ||
Operating Revenues: | ||
Revenues | 41,770,395 | 31,510,192 |
Operating Expenses: | ||
Depreciation and amortization | 502,648 | 400,879 |
Operating Income | 4,283,683 | 2,397,357 |
Ground Support Services [Member] | ||
Operating Revenues: | ||
Revenues | 20,546,216 | 16,920,414 |
Operating Expenses: | ||
Depreciation and amortization | 167,743 | 134,663 |
Operating Income | $266,862 | $1,085,103 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Net income | $2,483,926 | $1,466,636 |
Other comprehensive income (loss): | ||
Change in net unrealized loss on investment securities available for sale | -209,215 | -21,734 |
Tax effect of unrealized loss on investment securities available for sale | 76,566 | 6,048 |
Total unrealized loss on investment securities available for sale, net of tax amount | -132,649 | -15,686 |
Reclassification of gains on investment securities available for sale included in net income | 8,487 | 10,954 |
Tax effect of reclassification of gains on investment securities available for sale included in net income | -2,970 | -3,048 |
Reclassification adjustment for realized gains, net of tax amount | 5,517 | 7,906 |
Total other comprehensive loss | -127,133 | -7,780 |
Total comprehensive income | $2,356,793 | $1,458,856 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
Current Assets: | ||
Cash and cash equivalents | $14,165,119 | $3,758,888 |
Marketable securities | 5,278,752 | 1,460,518 |
Accounts receivable, less allowance for doubtful accounts of $222,000 and $150,000 | 9,534,563 | 10,247,179 |
Notes and other receivables-current | 816,606 | 1,628,875 |
Income tax receivable | 195,000 | 761,000 |
Inventories | 7,789,649 | 12,239,469 |
Deferred income taxes | 278,000 | 210,000 |
Prepaid expenses and other | 612,334 | 845,595 |
Total Current Assets | 38,670,023 | 31,151,524 |
Property and Equipment, net | 2,571,499 | 3,986,174 |
Cash Surrender Value of Life Insurance Policies | 1,990,671 | 1,887,611 |
Notes and Other Receivables-LongTerm | 59,611 | |
Other Assets | 224,188 | 135,727 |
Total Assets | 43,456,382 | 37,220,647 |
Current Liabilities: | ||
Accounts payable | 4,715,709 | 6,426,056 |
Accrued expenses | 3,529,451 | 2,592,534 |
Total Current Liabilities | 8,245,160 | 9,018,590 |
Deferred Income Taxes | 416,000 | 842,000 |
Long-term debt | 5,000,000 | 0 |
Stockholders' Equity: | ||
Preferred stock, $1.00 par value, 50,000 shares authorized | 0 | 0 |
Common stock, $.25 par value; 4,000,000 shares authorized, 2,372,527 and 2,355,028 shares issued and outstanding | 593,131 | 588,756 |
Additional paid-in capital | 4,929,090 | 4,855,093 |
Retained earnings | 24,407,915 | 21,923,988 |
Accumulated other comprehensive income (loss), net | 134,913 | 7,780 |
Total Stockholders' Equity | 29,795,223 | 27,360,057 |
Total Liabilities and Stockholders’ Equity | $43,456,382 | $37,220,647 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
Allowance for doubtful accounts | $222,000 | $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) | 2,372,527 | 2,355,028 |
Common stock, outstanding (in shares) | 2,372,527 | 2,355,028 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $2,483,926 | $1,466,636 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Gain on sale of marketable securities | -8,487 | -10,954 |
Loss (gain) on sale of property and equipment | -869,116 | -23,617 |
Change in accounts receivable and inventory reserves | -370,756 | 49,745 |
Depreciation and amortization | 856,911 | 752,412 |
Change in cash surrender value of life insurance | -103,060 | -106,426 |
Deferred income taxes | -372,000 | 911,000 |
Warranty reserve. | 169,683 | 357,350 |
Compensation expense related to stock options | 8,958 | 23,198 |
Change in operating assets and liabilities: | ||
Accounts receivable | 640,944 | 1,355,998 |
Notes receivable and other non-trade receivables | 871,882 | -1,384,725 |
Inventories | 4,892,248 | -4,023,176 |
Prepaid expenses and other assets | 147,659 | -247,923 |
Accounts payable | -1,710,347 | 684,685 |
Accrued expenses | 767,231 | 115,184 |
Income taxes payable/ receivable | 566,000 | -474,000 |
Total adjustments | 5,487,750 | -2,021,249 |
Net cash (used in) provided by operating activities | 7,971,676 | -554,613 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of marketable securities | -4,527,784 | -1,734,887 |
Proceeds from sale of marketable securities | 515,045 | 274,543 |
Proceeds from sale of property and equipment | 3,358,660 | 40,737 |
Capital expenditures | -1,931,781 | -1,283,168 |
Net cash used in investing activities | -2,585,860 | -2,702,775 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from Line of Credit | 6,330,888 | |
Payoff for Line of Credit | -1,330,888 | |
Payment of cash dividend | -733,885 | |
Repurchase of common stock | -1,078,216 | |
Repurchase of stock options | -130,335 | -394,490 |
Proceeds from exercise of stock options, net of excess tax benefit | 150,750 | 25,375 |
Net cash used in financing activities | 5,020,415 | -2,181,216 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | 10,406,231 | -5,438,604 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 3,758,888 | 9,197,492 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 14,165,119 | 3,758,888 |
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING ACTIVITIES: | ||
Change in fair value of marketable securities | -210,801 | -10,780 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Interest | 19,000 | 6,000 |
Income taxes | $737,000 | $755,000 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
Balance at Mar. 31, 2013 | $611,571 | $6,321,411 | $21,191,237 | $28,124,219 | |
Balance (in shares) at Mar. 31, 2013 | 2,446,286 | ||||
Net income | 1,466,636 | 1,466,636 | |||
Unrealized loss from marketable securities, net of tax | -7,780 | -7,780 | |||
Cash dividend ($0.30 per share) | -733,885 | -733,885 | |||
Exercise of stock options (in shares) | 2,500 | 2,500 | |||
Exercise of stock options | 625 | 24,750 | 25,375 | ||
Repurchase of stock options | -394,490 | -394,490 | |||
Repurchase of common stock (in shares) | -93,758 | ||||
Repurchase of common stock | -23,440 | -1,054,776 | -1,078,216 | ||
Tax effect from exercise, forfeiture and repurchase of stock options | -65,000 | -65,000 | |||
Compensation expense related to stock options | 23,198 | 23,198 | |||
Balance at Mar. 31, 2014 | 588,756 | 4,855,093 | 21,923,988 | -7,780 | 27,360,057 |
Balance (in shares) at Mar. 31, 2014 | 2,355,027 | ||||
Net income | 2,483,926 | 2,483,926 | |||
Unrealized loss from marketable securities, net of tax | -127,133 | -127,133 | |||
Exercise of stock options (in shares) | 17,500 | 17,500 | |||
Exercise of stock options | 4,375 | 146,375 | 150,750 | ||
Repurchase of stock options | -130,335 | -130,335 | |||
Tax effect from exercise, forfeiture and repurchase of stock options | 49,000 | 49,000 | |||
Compensation expense related to stock options | 8,958 | 8,958 | |||
Balance at Mar. 31, 2015 | $593,131 | $4,929,090 | $24,407,915 | ($134,913) | $29,795,223 |
Balance (in shares) at Mar. 31, 2015 | 2,372,527 |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Parentheticals) (Retained Earnings [Member], USD $) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Retained Earnings [Member] | ||
Cash dividend per share (in dollars per share) | $0.30 | $0.30 |
Note_1_Summary_of_Significant_
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Notes to Financial Statements | |||||||||
Significant Accounting Policies [Text Block] | 1 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||
Principles of Consolidation | |||||||||
– The consolidated financial statements include the accounts of the Company and subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. | |||||||||
Accounting Estimates | |||||||||
– The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported and disclosed. Actual results could differ from those estimates. | |||||||||
Concentration of Credit Risk | |||||||||
– The Company’s potential exposure to concentrations of credit risk consists of trade accounts and notes receivable, and bank deposits. Accounts receivable are normally due within 30 days and the Company performs periodic credit evaluations of its customers’ financial condition. Notes receivable payments are normally due monthly. The required allowance for doubtful accounts is determined using information such as customer credit history, industry information, credit reports, customer financial condition and the collectability of past-due outstanding accounts receivables. The estimates can be affected by changes in the financial strength of the aviation industry, customer credit issues or general economic conditions. | |||||||||
At various times throughout the year, the Company had deposits with banks in excess of amounts covered by federal depository insurance and investments in corporate notes that are not covered by insurance. | |||||||||
A majority of the Company’s revenues are concentrated in the aviation industry and revenues can be materially affected by current economic conditions and the price of certain supplies such as fuel, the cost of which is passed through to the Company’s cargo customer. The Company has a customer concentration in its overnight air cargo segment which provides service to one major customer. The loss of a major customer would have a material impact on the Company’s results of operations. See Note 12 “Major Customers”. | |||||||||
Cash and Cash Equivalents | |||||||||
– Cash equivalents consist of liquid investments with maturities of three months or less when purchased. | |||||||||
Marketable Securities | |||||||||
– In accordance with Accounting Standards Codification (“ASC”) 320, Investments – Debt and Equity Securities, and based on our intentions regarding these instruments, we classify all of our marketable equity securities as available-for-sale. Marketable equity securities are reported at fair value, with all unrealized gains (losses) reflected net of tax in stockholders’ equity on our consolidated balance sheets, and as a line item in our consolidated statements of comprehensive income. If we determine that an investment has other than a temporary decline in fair value, we recognize the investment loss in non-operating income, net in the accompanying consolidated statements of comprehensive income. We regularly evaluate our investments for impairment using both quantitative and qualitative criteria. For equity securities we consider the length of time and magnitude of the amount of each security that is in an unrealized loss position. Substantially all of our marketable securities investments are classified as current based on the nature of the investments and their availability for use in current operations. | |||||||||
Inventories | |||||||||
– Inventories related to the Company’s manufacturing and service operations are carried at the lower of cost (first in, first out) or market. When finished goods units are leased to customers under operating leases, the units are transferred to Property and Equipment. Aviation parts and supplies inventories are carried at the lower of average cost or market. Consistent with industry practice, the Company includes expendable aircraft parts and supplies in current assets, although a certain portion of these inventories may not be used or sold within one year. | |||||||||
Property and Equipment | |||||||||
– Property and equipment is stated at cost or, in the case of equipment under capital leases, the present value of future lease payments. Rotable parts represent aircraft parts which are repairable, capitalized and depreciated over their estimated useful lives. Depreciation and amortization are provided on a straight-line basis over the asset’s useful life. Useful lives range from three years for computer equipment, seven years for flight equipment and ten years for deicers and other equipment leased to customers. | |||||||||
The Company assesses long-lived assets used in operations for impairment when events and circumstances indicate the assets may be impaired and the undiscounted cash flows estimated to be generated by those assets are less than their carrying amount. In the event it is determined that the carrying values of long-lived assets are in excess of the fair value of those assets, the Company then will write-down the value of the assets to fair value. | |||||||||
Revenue Recognition | |||||||||
– Cargo revenue is recognized upon completion of contract terms. Maintenance and ground support services revenue is recognized when the service has been performed. Revenue from product sales is recognized when contract terms are completed and ownership has passed to the customer. | |||||||||
Operating Expenses Reimbursed by Customer | |||||||||
– The Company, under the terms of its overnight air cargo dry-lease service contracts, passes through to its air cargo customer certain cost components of its operations without markup. The cost of flight crews, fuel, landing fees, outside maintenance, parts and certain other direct operating costs are included in operating expenses and billed to the customer, at cost, and included in overnight air cargo revenue on the accompanying statements of income. These pass through costs totaled $32,672,000 and $33,076,000 for the years ended March 31, 2015 and 2014, respectively. | |||||||||
Stock Based Compensation | |||||||||
– The Company maintains a stock option plan for the benefit of certain eligible employees and directors of the Company. | |||||||||
The Company recognizes compensation expense on stock options based on their fair values over the requisite service period. The compensation cost we record for these awards is based on their fair value on the date of grant. The Company has used the Black Scholes option-pricing model as its method for valuing stock options. The key assumptions for this valuation method include the expected term of the option, stock price volatility, risk-free interest rate and dividend yield. Many of these assumptions are judgmental and highly sensitive in the determination of compensation expense. | |||||||||
Warranty Reserves | |||||||||
– The Company warranties its ground equipment products for up to a three-year period from date of sale. Product warranty reserves are recorded at time of sale based on the historical average warranty cost and are adjusted as actual warranty cost becomes known. | |||||||||
Product warranty reserve activity is as follows: | |||||||||
Year Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Beginning Balance | $ | 242,000 | $ | 209,000 | |||||
Amounts charged to expense | 169,683 | 357,000 | |||||||
Actual warranty costs paid | (179,880 | ) | (324,000 | ) | |||||
Ending Balance | $ | 231,803 | $ | 242,000 | |||||
Income Taxes | |||||||||
– Income taxes have been provided using the asset and liability method. 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. | |||||||||
Research and Development Costs | |||||||||
– All research and development costs are expensed as incurred. |
Note_2_Earning_Per_Common_Shar
Note 2 - Earning Per Common Share | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Notes to Financial Statements | |||||||||
Earnings Per Share [Text Block] | 2 | EARNINGS PER COMMON SHARE | |||||||
Basic earnings per share has been calculated by dividing net income by the weighted average number of common shares outstanding during each period. For purposes of calculating diluted earnings per share, shares issuable under stock options were considered potential common shares and were included in the weighted average common shares unless they were anti-dilutive. For the year ended March 31, 2015 all options to acquire shares of common stock were included in computing earnings per share because their effects were dilutive. The computation of earnings per common share is as follows: | |||||||||
Year Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Net income | $ | 2,483,926 | $ | 1,466,636 | |||||
Earnings Per Share: | |||||||||
Basic | $ | 1.05 | $ | 0.61 | |||||
Diluted | $ | 1.04 | $ | 0.6 | |||||
Weighted Average Shares Outstanding: | |||||||||
Basic | 2,359,610 | 2,414,184 | |||||||
Diluted | 2,379,928 | 2,433,058 |
Note_3_Marketable_Securities
Note 3 - Marketable Securities | 12 Months Ended | |
Mar. 31, 2015 | ||
Notes to Financial Statements | ||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 3 | MARKETABLE SECURITIES |
Marketable securities at March 31, 2015 consisted of investments in publicly traded companies with a fair value of $5,279,000, an aggregate cost basis of $5,490,000, gross unrealized gains aggregating $0 and gross unrealized losses aggregating $211,000. Marketable securities at March 31, 2014 consisted of investments with a fair market value of $1,460,000, an aggregate cost basis of $1,471,000, gross unrealized gains aggregating $16,000 and gross unrealized losses aggregating $27,000. Securities in a loss position at March 31, 2015 had a fair value of $4,168,000 and had been in a continuous loss position in the amount of $176,000 for less than twelve months and securities in a loss position in the amount of $35,000 for greater than twelve months had a fair value of $1,111,000. Securities in a loss position at March 31, 2014 had a fair market value of $1,185,000 and had been in a continuous loss position for less than twelve months. | ||
The Company realized gains of $9,000 and $11,000 from the sale of securities during the years ended March 31, 2015 and March 31, 2014, respectively. |
Note_4_Inventories
Note 4 - Inventories | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Notes to Financial Statements | |||||||||
Inventory Disclosure [Text Block] | 4 | INVENTORIES | |||||||
Inventories consisted of the following: | |||||||||
Year Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Aircraft parts and supplies | $ | - | $ | 119,638 | |||||
Ground support service parts | 938,072 | 608,674 | |||||||
Ground equipment manufacturing: | |||||||||
Raw materials | 2,583,797 | 6,965,659 | |||||||
Work in process | 1,535,152 | 1,814,791 | |||||||
Finished goods | 3,045,761 | 3,486,269 | |||||||
Total inventories | 8,102,782 | 12,995,031 | |||||||
Reserves | (313,133 | ) | (755,562 | ) | |||||
Total, net of reserves | $ | 7,789,650 | $ | 12,239,469 |
Note_5_Property_and_Equipment
Note 5 - Property and Equipment | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Notes to Financial Statements | |||||||||
Property, Plant and Equipment Disclosure [Text Block] | 5 | PROPERTY AND EQUIPMENT | |||||||
Property and equipment consisted of the following: | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Furniture, fixtures and improvements | $ | 4,931,748 | $ | 6,265,083 | |||||
Flight equipment and rotables | - | 3,203,765 | |||||||
Equipment leased to customers | 1,672,402 | 2,831,015 | |||||||
6,604,150 | 12,299,863 | ||||||||
Less accumulated depreciation | (4,032,650 | ) | (8,313,689 | ) | |||||
Property and equipment, net | $ | 2,571,499 | $ | 3,986,174 |
Note_6_Accrued_Expenses
Note 6 - Accrued Expenses | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Notes to Financial Statements | |||||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 6 | ACCRUED EXPENSES | |||||||
Accrued expenses consisted of the following: | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Salaries, wages and related items | $ | 1,571,347 | $ | 1,448,502 | |||||
Profit sharing | 1,088,089 | 501,831 | |||||||
Health insurance | 405,826 | 280,554 | |||||||
Warranty reserves | 231,803 | 242,064 | |||||||
Other | 232,386 | 119,583 | |||||||
Total | $ | 3,529,451 | $ | 2,592,534 |
Note_7_Financing_Arrangements
Note 7 - Financing Arrangements | 12 Months Ended | |
Mar. 31, 2015 | ||
Notes to Financial Statements | ||
Debt Disclosure [Text Block] | 7 | FINANCING ARRANGEMENTS |
At March 31, 2015, the Company had a $7,000,000 secured long-term revolving credit line with an expiration date of August 31, 2016. The revolving credit line contained customary events of default, a subjective acceleration clause and a fixed charge coverage requirement, with which the Company was in compliance at March 31, 2015. 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 March 31, 2015, $7,000,000 was available under the terms of the credit facility, less $5,000,000 in aggregate borrowings outstanding on that date. No borrowings were outstanding under the credit facility on March 31, 2014. | ||
29 | ||
Amounts advanced under the credit facility bear interest at the 30-day “LIBOR” rate plus 150 basis points. The LIBOR rate at March 31, 2015 was approximately .18%. The Company was in compliance with all covenants under this credit facility at March 31, 2015. |
Note_8_Lease_Commitments
Note 8 - Lease Commitments | 12 Months Ended | ||||
Mar. 31, 2015 | |||||
Notes to Financial Statements | |||||
Commitments Disclosure [Text Block] | 8 | LEASE COMMITMENTS | |||
The Company has operating lease commitments for office equipment and its office and maintenance facilities. The Company leases its corporate offices from a company controlled by certain of the Company’s former officers and directors. The lease for this facility provided for monthly rent of $14,428 through May 31, 2014. A new lease amendment was entered into in May 2014 increasing the monthly rent to $14,862 and extending the lease through January 31, 2018. The amendment also provides for three additional two-year option periods through January 31, 2024. | |||||
The Company leases an aircraft maintenance facility located in Kinston, N. C. under an agreement that extends through January 2018, with monthly rental amounts increasing every five years. However, based on the occurrence of certain events related to the composition of aircraft fleet, the lease may be canceled by the Company with 90 days notice. The Company currently considers the lease to be cancelable. | |||||
GGS leases its production facility under an agreement that extends through August 2019. | |||||
GAS leases several maintenance facilities across the country and an administrative office in Eagan, Minnesota. Most of the leases are on one year agreements with renewal clauses, but some of these are multi-year leases extending out as far as July 2019. | |||||
At March 31, 2015, future minimum annual lease payments under non-cancelable operating leases with initial or remaining terms of more than one year are as follows: | |||||
Year ended March 31, | |||||
2016 | $ | 1,825,000 | |||
2017 | 1,521,000 | ||||
2018 | 1,297,000 | ||||
2019 | 688,000 | ||||
2020 | 252,000 | ||||
Thereafter | - | ||||
Total minimum lease payments | $ | 5,583,000 | |||
Rent expense for operating leases totaled approximately | |||||
$2,309,000 and $1,875,000 for fiscal 2015 and 2014, respectively, and includes amounts to related parties of $177,000 | |||||
and $173,000 in fiscal 2015 and 2014, respectively. |
Note_9_Fair_Value_of_Financial
Note 9 - Fair Value of Financial Instruments | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Notes to Financial Statements | |||||||||
Fair Value Disclosures [Text Block] | 9 | FAIR VALUE OF FINANCIAL INSTRUMENTS | |||||||
The Company measures and reports financial assets and liabilities at fair value, on a recurring basis. Fair value measurement is classified and disclosed in one of the following three categories: | |||||||||
Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. | |||||||||
Level 2: Quoted prices in markets that are not active or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. | |||||||||
Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). | |||||||||
The Company’s assets and liabilities measured at fair value (all Level I categories) were as follows: | |||||||||
Fair Value Measurements at March 31, | |||||||||
2015 | 2014 | ||||||||
Marketable securities | $ | 5,278,752 | $ | 1,460,518 | |||||
The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, accounts receivable, notes receivable and accrued expenses approximate their fair value at March 31, 2015 and 2014. |
Note_10_Stockholders_Equity
Note 10 - Stockholders' Equity | 12 Months Ended | |
Mar. 31, 2015 | ||
Notes to Financial Statements | ||
Stockholders' Equity Note Disclosure [Text Block] | 10 | STOCKHOLDERS’ EQUITY |
The authorized capital structure of the Company includes 4,000,000 shares of common stock, with a par value of $0.25 per share. In May 2014, the Company’s Board of Directors adopted a policy to discontinue the payment of a regularly scheduled annual cash dividend. | ||
On May 14, 2014, the Company announced that its Board of Directors had authorized a program to repurchase up to 750,000 shares of the Company’s common stock from time to time on the open market or in privately negotiated transactions, in compliance with SEC Rule 10b-18, over an indefinite period. | ||
In addition to common stock, the Company may issue up to 50,000 shares of $1.00 par value preferred stock, in one or more series, on such terms and with such rights, preferences and limitations as determined by the Board of Directors. A total of 5,000 shares of preferred stock are authorized for issuance as Series A Junior Participating Preferred Stock and 5,000 shares of preferred stock are authorized for issuance as Series B Junior Participating Preferred Stock, of which 3,000 shares had been reserved for issuance pursuant to the Company’s Rights Agreement, described below. If issued, each share of Series B Junior Participating Preferred Stock would be entitled, in connection with the declaration of a dividend on the Company’s common stock, to a preferential dividend payment equal to the greater of (i) $1.00 per share and (ii) an amount equal to 1,000 times the related dividend declared per share of common stock. Subject to customary anti-dilution provisions, in the event of liquidation, the holders of Series B Junior Participating Preferred Stock would be entitled to a preferential liquidation payment equal to the greater of (a) $100 per share and (b) an amount equal to 1,000 times the liquidation payment made per share of common stock. In addition, if issued, each share of Series B Junior Participating Preferred Stock would entitle the holder thereof to one thousand votes on all matters submitted to a vote of the stockholders of the Company. No shares of preferred stock of any series have been issued as of March 31, 2015. | ||
On December 14, 2014, the Board of Directors declared a dividend of one preferred share purchase right (a “Right”) for each outstanding share of common stock of the Company. The Rights are governed by a Rights Agreement (the “Rights Agreement”) dated as of December 15, 2014. The dividend was payable on December 26, 2014 (the “Record Date”) to the stockholders of record on that date. In addition, one Right attaches to each share of common stock issued thereafter. | ||
The Rights initially represent the right to purchase one one-thousandth of a share of Series B Junior Participating Preferred Stock. The Rights will become exercisable upon the occurrence of specified events, including if any person or group (other than an “exempt person”) acquires beneficial ownership of 20 percent or more of the Company’s common stock. Under the Rights Agreement, an “exempt person” means each person that beneficially owns as of the date of the Rights Agreement 20% or more of the outstanding shares of common stock of the Company, except that each such person will be considered an exempt person only if and so long as the shares of common stock that are beneficially owned by such person do not exceed the number of shares which are beneficially owned by such person on the date of the Rights Agreement, plus any additional shares representing not more than 1% of the shares of common stock then outstanding, and except that a person will cease to be an exempt person immediately at such time as such person ceases to be the beneficial owner of 20% or more of the shares of common stock then outstanding. Upon a person or group (other than an exempt person) acquiring 20 percent or more of the Company’s common stock, each Right (other than Rights owned by such person or group) entitles its holder to purchase, for an exercise price of $85 per share, a number of shares of the Company’s common stock (or in certain circumstances, cash, property or other securities of the Company) having a market value of twice the exercise price, and under certain conditions, common stock of an acquiring company having a market value of twice the exercise price. If any person or group (other than an exempt person) acquires beneficial ownership of 20 percent or more of the Company’s common stock, the Company may, at its option, exchange the outstanding Rights (other than Rights owned by such acquiring person or group) for shares of the Company’s common stock or Company equity securities deemed to have the same value as one share of common stock or a combination thereof, at an exchange ratio of one share of common stock per Right. The rights are subject to adjustment if certain events occur. Unless earlier redeemed, exchanged or amended by the Company, the Rights will expire on the earliest of (i) December 26, 2014, (ii) the final adjournment of the Company’s 2015 annual meeting of stockholders if a proposal to approve the Rights Agreement has not been approved by a vote in which more votes are cast in favor of such proposal than are cast against such proposal, or (iii) December 15, 2015 if the Company has not held its 2015 annual meeting of stockholders by such date. The Rights Agreement provides that the Company’s Board of Directors may, at its option and in the absence of certain events, redeem all of the outstanding Rights at a redemption price of $0.01 per Right. |
Note_11_Employee_and_NonEmploy
Note 11 - Employee and Non-Employee Stock Options | 12 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Notes to Financial Statements | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 11 | EMPLOYEE AND NON-EMPLOYEE STOCK OPTIONS | |||||||||||||||
The Company has granted options to purchase up to a total of 256,000 shares of common stock to key employees, officers and non-employee directors with exercise prices at 100% of the fair market value on the date of grant. As of March 31, 2015, 173,000 shares remain available for grant under two plans. The employee options generally vest one-third per year beginning with the first anniversary from the date of grant. The non-employee director options generally vest one year from the date of grant. | |||||||||||||||||
Compensation expense related to stock options granted was $8,958 and $23,200 for the years ended March 31, 2015 and 2014, respectively. As of March 31, 2015, there was no unrecognized compensation expense, related to the stock options. At March 31, 2014, there was $9,000 in unrecognized compensation expense. There were no stock options granted during the year-ended March 31, 2015 and 10,000 options granted during the year-ended March 31, 2014. | |||||||||||||||||
Option activity is summarized as follows: | |||||||||||||||||
Weighted | Weighted | ||||||||||||||||
Average | Average | Aggregate | |||||||||||||||
Exercise Price | Remaining | Intrinsic | |||||||||||||||
Shares | Per Share | Life(Years) | Value | ||||||||||||||
Outstanding at March 31, 2013 | 212,500 | 8.6 | |||||||||||||||
Granted | 10,000 | 10.56 | |||||||||||||||
Exercised | (2,500 | ) | 10.15 | ||||||||||||||
Forfeited | (2,500 | ) | 10.15 | ||||||||||||||
Repurchased | (116,000 | ) | 8.58 | ||||||||||||||
Outstanding at March 31, 2014 | 101,500 | $ | 8.73 | 3.39 | $ | 342,000 | |||||||||||
Granted | - | ||||||||||||||||
Exercised | (17,500 | ) | 8.61 | ||||||||||||||
Forfeited | (6,000 | ) | 8.29 | ||||||||||||||
Repurchased | (32,000 | ) | 8.96 | ||||||||||||||
Outstanding at March 31, 2015 | 46,000 | 8.68 | 2.87 | 732,000 | |||||||||||||
Exercisable at March 31, 2015 | 46,000 | $ | 8.68 | 2.87 | $ | 732,000 | |||||||||||
During the year ended March 31, 2015, options to purchase 10,000 shares vested and as of March 31, 2014 2,500 options vested. |
Note_12_Major_Customers
Note 12 - Major Customers | 12 Months Ended | |
Mar. 31, 2015 | ||
Notes to Financial Statements | ||
Concentration Risk Disclosure [Text Block] | 12 | MAJOR CUSTOMERS |
Approximately 45% and 52% of the Company’s consolidated revenues were derived from services performed for FedEx Corporation in fiscal 2015 and 2014, respectively. Approximately 14% and 4% of the Company’s consolidated revenues for fiscal 2015 and 2014, respectively, were generated from GGS’s two contracts with the United States Air Force. | ||
32 | ||
Approximately 26% and 33% of the Company’s consolidated accounts receivable at March 31, 2015 and 2014, respectively, were due from FedEx Corporation. |
Note_13_Income_Taxes
Note 13 - Income Taxes | 12 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Notes to Financial Statements | |||||||||||||||||
Income Tax Disclosure [Text Block] | 13 | INCOME TAXES | |||||||||||||||
The components of income tax expense were as follows: | |||||||||||||||||
Year Ended March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Current: | |||||||||||||||||
Federal | $ | 1,209,000 | $ | 36,000 | |||||||||||||
State | 159,000 | 176,000 | |||||||||||||||
Foreign | (65,000 | ) | 69,000 | ||||||||||||||
Total current | 1,303,000 | 281,000 | |||||||||||||||
Deferred: | |||||||||||||||||
Federal | (315,000 | ) | 779,000 | ||||||||||||||
State | (57,000 | ) | 132,000 | ||||||||||||||
Total deferred | (372,000 | ) | 911,000 | ||||||||||||||
Total | $ | 931,000 | $ | 1,192,000 | |||||||||||||
Income tax expense was different from the amount computed by applying the statutory Federal income tax rate of 34% as shown in the following table: | |||||||||||||||||
Year Ended March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Expected federal income tax expense U.S. statutory rate | $ | 1,161,000 | 34 | % | $ | 904,000 | 34 | % | |||||||||
State income taxes, net of Federal benefit | 67,000 | 2 | 203,000 | 7.6 | |||||||||||||
Permanent differences, other | 42,000 | 1.2 | 15,000 | 0.6 | |||||||||||||
Section 831(b) benefit | (364,000 | ) | (10.6 | ) | - | - | |||||||||||
Other differences, net | (25,000 | ) | 0.7 | 70,000 | 2.6 | ||||||||||||
Income tax expense | $ | 931,000 | 27.3 | % | $ | 1,192,000 | 44.8 | % | |||||||||
Deferred tax assets and liabilities consisted of the following as of: | |||||||||||||||||
March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Inventory reserves | $ | 115,000 | $ | 279,000 | |||||||||||||
Accrued vacation | 244,000 | 237,000 | |||||||||||||||
Stock option compensation | 47,000 | 150,000 | |||||||||||||||
Warranty reserve | 85,000 | 88,000 | |||||||||||||||
Accounts and notes receivable reserve | 83,000 | 57,000 | |||||||||||||||
Net operating loss carryforwards | - | 91,000 | |||||||||||||||
Federal credits | - | 69,000 | |||||||||||||||
263A Inventory Capitalization | 145,000 | 11,000 | |||||||||||||||
Other | 79,000 | 6,000 | |||||||||||||||
Total deferred tax assets | 798,000 | 988,000 | |||||||||||||||
Prepaid expenses | (473,000 | ) | (616,000 | ) | |||||||||||||
Property and equipment | (463,000 | ) | (1,004,000 | ) | |||||||||||||
Total deferred tax liabilities | (936,000 | ) | (1,620,000 | ) | |||||||||||||
Net deferred tax (liability) asset | $ | (138,000 | ) | $ | (632,000 | ) | |||||||||||
The deferred tax items are reported on a net current and non-current basis in the accompanying fiscal 2015 and 2014 consolidated balance sheets according to the classification of the related asset and liability. | |||||||||||||||||
The Company accounts for uncertain tax positions in accordance with accounting principles generally accepted in the United States of America. The Company has analyzed filing positions in all of the federal, state and international jurisdictions where it is required to file income tax returns, as well as all open tax years in these jurisdictions. The periods subject to examination for the Company’s federal return are the fiscal 2012 through 2013 tax years. The periods subject to examination for the Company’s state returns are the fiscal 2010 through 2013 tax years. As of March 31, 2015 and 2014, the Company did not have any unrecognized tax benefits. The Company does not believe there will be any material changes in unrecognized tax positions over the next twelve months. | |||||||||||||||||
It is the Company’s policy to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. As of March 31, 2015 and 2014, the Company did not have any accrued interest or penalties associated with any unrecognized tax benefits, nor was any interest expense recognized during the years ended March 31, 2015 and 2014. |
Note_14_Employee_Benefits
Note 14 - Employee Benefits | 12 Months Ended | |
Mar. 31, 2015 | ||
Notes to Financial Statements | ||
Compensation and Employee Benefit Plans [Text Block] | 14 | EMPLOYEE BENEFITS |
The Company has a 401(k) defined contribution plan covering domestic employees and an 1165(E) defined contribution plan covering Puerto Rico based employees (“Plans”). All employees of the Company are eligible to participate in the Plans after six months of service. The Company’s contribution to the Plans for the years ended March 31, 2015 and 2014 was approximately $299,000 and $287,000, respectively and was recorded in general and administrative expenses in the consolidated statements of income. | ||
The Company, in each of the past two years, has paid a discretionary profit sharing bonus in which all employees have participated. Profit sharing expense in fiscal 2015 and 2014 was approximately $1,150,000 and $500,000, respectively, and was recorded in general and administrative expenses in the consolidated statements of income. |
Note_15_Quarterly_Financial_In
Note 15 - Quarterly Financial Information (Unaudited) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Notes to Financial Statements | |||||||||||||||||
Quarterly Financial Information [Text Block] | 15 | QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | |||||||||||||||
(in thousands, except per share data) | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
2015 | |||||||||||||||||
Operating Revenues | $ | 21,779 | $ | 34,625 | $ | 30,893 | $ | 24,885 | |||||||||
Operating Income (Loss) | 99 | $ | 2,597 | 2,141 | (1,420 | ) | |||||||||||
Net Income (Loss) | 73 | $ | 1,818 | 1,448 | (856 | ) | |||||||||||
Basic Earnings (Loss) per share | 0.03 | 0.77 | 0.61 | (0.36 | ) | ||||||||||||
Diluted Earnings (Loss) per share | 0.03 | 0.77 | 0.61 | (0.36 | ) | ||||||||||||
2014 | |||||||||||||||||
Operating Revenues | $ | 21,280 | $ | 24,190 | $ | 29,835 | $ | 25,467 | |||||||||
Operating Income | 221 | 752 | 796 | 864 | |||||||||||||
Net Income | 139 | 456 | 455 | 417 | |||||||||||||
Basic Earnings per share | 0.06 | 0.19 | 0.19 | 0.17 | |||||||||||||
Diluted Earnings per share | 0.06 | 0.18 | 0.19 | 0.17 |
Note_16_Segment_Information
Note 16 - Segment Information | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Notes to Financial Statements | |||||||||
Segment Reporting Disclosure [Text Block] | 16 | SEGMENT INFORMATION | |||||||
The Company operates in three business segments. The overnight air cargo segment, comprised of its 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 its Global Ground Support, LLC (“GGS”) subsidiary, manufactures and provides mobile deicers and other specialized equipment to airlines, airports, the military and industrial customers. The ground support services segment, comprised of its 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. The Company evaluates the performance of its operating segments based on operating income. Segment data is summarized as follows: | |||||||||
Year Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Operating Revenues: | |||||||||
Overnight Air Cargo | $ | 49,864,547 | $ | 52,341,439 | |||||
Ground Equipment Sales: | |||||||||
Domestic | 33,231,529 | 25,928,216 | |||||||
International | 8,538,866 | 5,581,976 | |||||||
Total Ground Equipment Sales | 41,770,395 | 31,510,192 | |||||||
Ground Support Services | 20,546,216 | 16,920,414 | |||||||
Total | $ | 112,181,158 | $ | 100,772,045 | |||||
Operating Income (Loss): | |||||||||
Overnight Air Cargo | $ | 1,174,330 | $ | 2,158,525 | |||||
Ground Equipment Sales | 4,283,683 | 2,397,357 | |||||||
Ground Support Services | 266,862 | 1,085,103 | |||||||
Corporate | (2,308,172 | ) | (3,008,445 | ) | |||||
Total | $ | 3,416,703 | $ | 2,632,540 | |||||
Capital Expenditures: | |||||||||
Overnight Air Cargo | $ | 245,548 | $ | 119,559 | |||||
Ground Equipment Sales | 1,360,140 | 841,903 | |||||||
Ground Support Services | 256,918 | 289,598 | |||||||
Corporate | 69,175 | 32,108 | |||||||
Total | $ | 1,931,781 | $ | 1,283,168 | |||||
Depreciation and Amortization: | |||||||||
Overnight Air Cargo | $ | 158,179 | $ | 166,796 | |||||
Ground Equipment Sales | 502,648 | 400,879 | |||||||
Ground Support Services | 167,743 | 134,663 | |||||||
Corporate | 28,340 | 50,074 | |||||||
Total | $ | 856,911 | $ | 752,412 | |||||
For the fiscal years ended March 31, 2015 and 2014, capital expenditures of the ground equipment sales segment included the capitalization of $1,132,115 and $788,239, respectively, for commercial aircraft | |||||||||
deicers to be held for leasing. |
Note_17_Commitments_and_Contin
Note 17 - Commitments and Contingencies | 12 Months Ended | |
Mar. 31, 2015 | ||
Notes to Financial Statements | ||
Commitments and Contingencies Disclosure [Text Block] | 17 | COMMITMENTS AND CONTINGENCIES |
The Company is currently involved in certain product liability related matters, which involve pending or threatened lawsuits. Management believes that these threatened or pending lawsuits, if adversely decided, would not have a material adverse effect on the Company's results of operations or financial position. |
Note_18_Subsequent_Events
Note 18 - Subsequent Events | 12 Months Ended | |
Mar. 31, 2015 | ||
Notes to Financial Statements | ||
Subsequent Events [Text Block] | 18 | SUBSEQUENT EVENTS |
Management performs an evaluation of events that occur after a balance sheet date but before financial statements are issued or available to be issued for potential recognition or disclosure of such events in its financial statements. The Company evaluated subsequent events through the date that these financial statements were issued. | ||
On April 1, 2015, the Company replaced its existing $7.0 million credit line with a senior secured revolving credit facility of $20.0 million (the “Revolving Credit Facility”). The Revolving Credit Facility includes a sublimit for issuances of letters of credit of up to $500,000. Under the Revolving Credit Facility, each of the Company, MAC, CSA, GGS and GAS may make borrowings. Initially, borrowings under the Revolving Credit Facility bear interest (payable monthly) at an annual rate of one-month LIBOR plus 1.50%, although the interest rates under the Revolving Credit Facility are subject to incremental increases based on a consolidated leverage ratio. In addition, a commitment fee accrues with respect to the unused amount of the Revolving Credit Facility at an annual rate of 0.15%. Amounts applied to repay borrowings under the Revolving Credit Facility may be reborrowed, subject to the terms of the facility. The Revolving Credit Facility matures on April 1, 2017. | ||
36 | ||
Borrowings under the Revolving Credit Facility, together with hedging obligations, if any owing to the lender under the Revolving Credit Facility or any affiliate of such lender, are secured by a first-priority security interest in substantially all assets of the Company and the other borrowers (including, without limitation, accounts receivable, equipment, inventory and other goods, intellectual property, contract rights and other general intangibles, cash, deposit accounts, equity interests in subsidiaries and joint ventures, investment property, documents and instruments, and proceeds of the foregoing), but excluding interests in real property. | ||
The agreement governing the Revolving Credit Facility contains affirmative and negative covenants, including covenants that restrict the ability of the Company and the other borrowers to, among other things, incur or guarantee indebtedness, incur liens, dispose of assets, engage in mergers and consolidations, make acquisitions or other investments, make changes in the nature of their business, enter into certain operating leases, and make certain capital expenditures. The Credit Agreement also contains financial covenants, including a minimum consolidated tangible net worth of $22.0 million, a minimum consolidated fixed charge coverage ratio of 1.35 to 1.0, a minimum consolidated asset coverage ratio of 1.75 to 1.0, and a maximum consolidated leverage ratio of 3.5 to 1.0. The agreement governing the Revolving Credit Facility contains events of default including, without limitation, nonpayment of principal, interest or other obligations, violation of covenants, misrepresentation, cross-default to other debt, bankruptcy and other insolvency events, judgments, certain ERISA events, certain changes of control of the Company, termination of, or modification to materially reduce the scope of the services required to be provided under certain agreements with FedEx Corporation, and the occurrence of a material adverse effect upon the Company and the other borrowers as a whole. | ||
June 2015 Agreements with FedEx | ||
On June 1, 2015, MAC and CSA entered into new dry-lease agreements with FedEx which together cover all of the revenue aircraft operated by MAC and CSA and replace all prior dry-lease service contracts. The new dry-lease agreements provide for the lease of specified aircraft by MAC and CSA in return for the payment of monthly rent with respect to each aircraft leased, which monthly rent was increased from the prior dry-lease service contracts to reflect an estimate of a fair market rental rate. The new dry-lease agreements provide that FedEx determines the type of aircraft and schedule of routes to be flown by MAC and CSA, with all other operational decisions made by MAC and CSA, respectively. The new dry-lease agreements provide for the reimbursement by FedEx of MAC and CSA’s costs, without mark up, incurred in connection with the operation of the leased aircraft for the following: fuel, landing fees, third-party maintenance, parts and certain other direct operating costs. Unlike the prior dry-lease contracts, under the new dry-lease agreements, certain operational crew costs incurred by MAC and CSA in operating the aircraft under the new dry-lease agreements are not reimbursed by FedEx at cost, and such operational costs are to be borne solely by MAC and CSA. Under the new dry-lease agreements, MAC and CSA are required to perform maintenance of the leased aircraft in return for a maintenance fee based upon an hourly maintenance labor rate, which has been increased from the rate in place under the prior dry-lease service contracts. Under prior dry-lease service contracts, the hourly maintenance labor rate had not been adjusted since 2008. The new dry-lease agreements provide for the payment by FedEx to MAC and CSA of a monthly administrative fee based on the number and type of aircraft leased and routes operated. The amount of the monthly administrative fee under the new dry-lease agreements is greater than under the prior dry-lease service contracts with FedEx, in part to reflect the greater monthly lease payment per aircraft and that certain operational costs are to be borne by MAC and CSA and not reimbursed. The amount of the administrative fee is subject to adjustment based on the number of aircraft operated, routes flown and whether aircraft are considered to be soft-parked. | ||
The new dry-lease agreements have a term that would initially expire, unless renewed, on May 31, 2016. The new dry-lease agreements may be terminated by FedEx or MAC and CSA, respectively, at any time upon 90 days’ written notice and FedEx may at any time terminate the lease of any particular aircraft thereunder upon 10 days’ written notice. In addition, each new dry-lease agreement provides that FedEx may terminate the agreement upon written notice if 60% or more of MAC or CSA’s revenue (excluding revenues arising from reimbursement payments under the new dry-lease agreement) is derived from the services performed by it pursuant to the respective dry-lease agreement, FedEx becomes its only customer, or it employs less than six employees. As of the date of this report, FedEx would have been permitted to terminate each of the new dry-lease agreements under this provision. The Company believes that the short term nature of its agreements with FedEx are standard within the airfreight contract delivery service industry. |
Significant_Accounting_Policie
Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Accounting Policies [Abstract] | |||||||||
Consolidation, Policy [Policy Text Block] | Principles of Consolidation | ||||||||
– The consolidated financial statements include the accounts of the Company and subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. | |||||||||
Use of Estimates, Policy [Policy Text Block] | Accounting Estimates | ||||||||
– The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported and disclosed. Actual results could differ from those estimates. | |||||||||
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk | ||||||||
– The Company’s potential exposure to concentrations of credit risk consists of trade accounts and notes receivable, and bank deposits. Accounts receivable are normally due within 30 days and the Company performs periodic credit evaluations of its customers’ financial condition. Notes receivable payments are normally due monthly. The required allowance for doubtful accounts is determined using information such as customer credit history, industry information, credit reports, customer financial condition and the collectability of past-due outstanding accounts receivables. The estimates can be affected by changes in the financial strength of the aviation industry, customer credit issues or general economic conditions. | |||||||||
At various times throughout the year, the Company had deposits with banks in excess of amounts covered by federal depository insurance and investments in corporate notes that are not covered by insurance. | |||||||||
A majority of the Company’s revenues are concentrated in the aviation industry and revenues can be materially affected by current economic conditions and the price of certain supplies such as fuel, the cost of which is passed through to the Company’s cargo customer. The Company has a customer concentration in its overnight air cargo segment which provides service to one major customer. The loss of a major customer would have a material impact on the Company’s results of operations. See Note 12 “Major Customers”. | |||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents | ||||||||
– Cash equivalents consist of liquid investments with maturities of three months or less when purchased. | |||||||||
Marketable Securities, Policy [Policy Text Block] | Marketable Securities | ||||||||
– In accordance with Accounting Standards Codification (“ASC”) 320, Investments – Debt and Equity Securities, and based on our intentions regarding these instruments, we classify all of our marketable equity securities as available-for-sale. Marketable equity securities are reported at fair value, with all unrealized gains (losses) reflected net of tax in stockholders’ equity on our consolidated balance sheets, and as a line item in our consolidated statements of comprehensive income. If we determine that an investment has other than a temporary decline in fair value, we recognize the investment loss in non-operating income, net in the accompanying consolidated statements of comprehensive income. We regularly evaluate our investments for impairment using both quantitative and qualitative criteria. For equity securities we consider the length of time and magnitude of the amount of each security that is in an unrealized loss position. Substantially all of our marketable securities investments are classified as current based on the nature of the investments and their availability for use in current operations. | |||||||||
Inventory, Policy [Policy Text Block] | Inventories | ||||||||
– Inventories related to the Company’s manufacturing and service operations are carried at the lower of cost (first in, first out) or market. When finished goods units are leased to customers under operating leases, the units are transferred to Property and Equipment. Aviation parts and supplies inventories are carried at the lower of average cost or market. Consistent with industry practice, the Company includes expendable aircraft parts and supplies in current assets, although a certain portion of these inventories may not be used or sold within one year. | |||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment | ||||||||
– Property and equipment is stated at cost or, in the case of equipment under capital leases, the present value of future lease payments. Rotable parts represent aircraft parts which are repairable, capitalized and depreciated over their estimated useful lives. Depreciation and amortization are provided on a straight-line basis over the asset’s useful life. Useful lives range from three years for computer equipment, seven years for flight equipment and ten years for deicers and other equipment leased to customers. | |||||||||
The Company assesses long-lived assets used in operations for impairment when events and circumstances indicate the assets may be impaired and the undiscounted cash flows estimated to be generated by those assets are less than their carrying amount. In the event it is determined that the carrying values of long-lived assets are in excess of the fair value of those assets, the Company then will write-down the value of the assets to fair value. | |||||||||
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition | ||||||||
– Cargo revenue is recognized upon completion of contract terms. Maintenance and ground support services revenue is recognized when the service has been performed. Revenue from product sales is recognized when contract terms are completed and ownership has passed to the customer. | |||||||||
Revenue Recognition, Cargo and Freight, Policy [Policy Text Block] | Operating Expenses Reimbursed by Customer | ||||||||
– The Company, under the terms of its overnight air cargo dry-lease service contracts, passes through to its air cargo customer certain cost components of its operations without markup. The cost of flight crews, fuel, landing fees, outside maintenance, parts and certain other direct operating costs are included in operating expenses and billed to the customer, at cost, and included in overnight air cargo revenue on the accompanying statements of income. These pass through costs totaled $32,672,000 and $33,076,000 for the years ended March 31, 2015 and 2014, respectively. | |||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock Based Compensation | ||||||||
– The Company maintains a stock option plan for the benefit of certain eligible employees and directors of the Company. | |||||||||
The Company recognizes compensation expense on stock options based on their fair values over the requisite service period. The compensation cost we record for these awards is based on their fair value on the date of grant. The Company has used the Black Scholes option-pricing model as its method for valuing stock options. The key assumptions for this valuation method include the expected term of the option, stock price volatility, risk-free interest rate and dividend yield. Many of these assumptions are judgmental and highly sensitive in the determination of compensation expense. | |||||||||
Standard Product Warranty, Policy [Policy Text Block] | Warranty Reserves | ||||||||
– The Company warranties its ground equipment products for up to a three-year period from date of sale. Product warranty reserves are recorded at time of sale based on the historical average warranty cost and are adjusted as actual warranty cost becomes known. | |||||||||
Product warranty reserve activity is as follows: | |||||||||
Year Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Beginning Balance | $ | 242,000 | $ | 209,000 | |||||
Amounts charged to expense | 169,683 | 357,000 | |||||||
Actual warranty costs paid | (179,880 | ) | (324,000 | ) | |||||
Ending Balance | $ | 231,803 | $ | 242,000 | |||||
Income Tax, Policy [Policy Text Block] | Income Taxes | ||||||||
– Income taxes have been provided using the asset and liability method. 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. | |||||||||
Research and Development Expense, Policy [Policy Text Block] | Research and Development Costs | ||||||||
– All research and development costs are expensed as incurred. |
Note_1_Summary_of_Significant_1
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Notes Tables | |||||||||
Schedule of Product Warranty Liability [Table Text Block] | Year Ended March 31, | ||||||||
2015 | 2014 | ||||||||
Beginning Balance | $ | 242,000 | $ | 209,000 | |||||
Amounts charged to expense | 169,683 | 357,000 | |||||||
Actual warranty costs paid | (179,880 | ) | (324,000 | ) | |||||
Ending Balance | $ | 231,803 | $ | 242,000 |
Note_2_Earning_Per_Common_Shar1
Note 2 - Earning Per Common Share (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Notes Tables | |||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended March 31, | ||||||||
2015 | 2014 | ||||||||
Net income | $ | 2,483,926 | $ | 1,466,636 | |||||
Earnings Per Share: | |||||||||
Basic | $ | 1.05 | $ | 0.61 | |||||
Diluted | $ | 1.04 | $ | 0.6 | |||||
Weighted Average Shares Outstanding: | |||||||||
Basic | 2,359,610 | 2,414,184 | |||||||
Diluted | 2,379,928 | 2,433,058 |
Note_4_Inventories_Tables
Note 4 - Inventories (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Notes Tables | |||||||||
Schedule of Inventory, Current [Table Text Block] | Year Ended March 31, | ||||||||
2015 | 2014 | ||||||||
Aircraft parts and supplies | $ | - | $ | 119,638 | |||||
Ground support service parts | 938,072 | 608,674 | |||||||
Ground equipment manufacturing: | |||||||||
Raw materials | 2,583,797 | 6,965,659 | |||||||
Work in process | 1,535,152 | 1,814,791 | |||||||
Finished goods | 3,045,761 | 3,486,269 | |||||||
Total inventories | 8,102,782 | 12,995,031 | |||||||
Reserves | (313,133 | ) | (755,562 | ) | |||||
Total, net of reserves | $ | 7,789,650 | $ | 12,239,469 |
Note_5_Property_and_Equipment_
Note 5 - Property and Equipment (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Notes Tables | |||||||||
Property, Plant and Equipment [Table Text Block] | March 31, | ||||||||
2015 | 2014 | ||||||||
Furniture, fixtures and improvements | $ | 4,931,748 | $ | 6,265,083 | |||||
Flight equipment and rotables | - | 3,203,765 | |||||||
Equipment leased to customers | 1,672,402 | 2,831,015 | |||||||
6,604,150 | 12,299,863 | ||||||||
Less accumulated depreciation | (4,032,650 | ) | (8,313,689 | ) | |||||
Property and equipment, net | $ | 2,571,499 | $ | 3,986,174 |
Note_6_Accrued_Expenses_Tables
Note 6 - Accrued Expenses (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Notes Tables | |||||||||
Schedule of Accrued Liabilities [Table Text Block] | March 31, | ||||||||
2015 | 2014 | ||||||||
Salaries, wages and related items | $ | 1,571,347 | $ | 1,448,502 | |||||
Profit sharing | 1,088,089 | 501,831 | |||||||
Health insurance | 405,826 | 280,554 | |||||||
Warranty reserves | 231,803 | 242,064 | |||||||
Other | 232,386 | 119,583 | |||||||
Total | $ | 3,529,451 | $ | 2,592,534 |
Note_8_Lease_Commitments_Table
Note 8 - Lease Commitments (Tables) | 12 Months Ended | ||||
Mar. 31, 2015 | |||||
Notes Tables | |||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year ended March 31, | ||||
2016 | $ | 1,825,000 | |||
2017 | 1,521,000 | ||||
2018 | 1,297,000 | ||||
2019 | 688,000 | ||||
2020 | 252,000 | ||||
Thereafter | - | ||||
Total minimum lease payments | $ | 5,583,000 |
Note_9_Fair_Value_of_Financial1
Note 9 - Fair Value of Financial Instruments (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Notes Tables | |||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurements at March 31, | ||||||||
2015 | 2014 | ||||||||
Marketable securities | $ | 5,278,752 | $ | 1,460,518 |
Note_11_Employee_and_NonEmploy1
Note 11 - Employee and Non-Employee Stock Options (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Notes Tables | |||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Weighted | Weighted | |||||||||||||||
Average | Average | Aggregate | |||||||||||||||
Exercise Price | Remaining | Intrinsic | |||||||||||||||
Shares | Per Share | Life(Years) | Value | ||||||||||||||
Outstanding at March 31, 2013 | 212,500 | 8.6 | |||||||||||||||
Granted | 10,000 | 10.56 | |||||||||||||||
Exercised | (2,500 | ) | 10.15 | ||||||||||||||
Forfeited | (2,500 | ) | 10.15 | ||||||||||||||
Repurchased | (116,000 | ) | 8.58 | ||||||||||||||
Outstanding at March 31, 2014 | 101,500 | $ | 8.73 | 3.39 | $ | 342,000 | |||||||||||
Granted | - | ||||||||||||||||
Exercised | (17,500 | ) | 8.61 | ||||||||||||||
Forfeited | (6,000 | ) | 8.29 | ||||||||||||||
Repurchased | (32,000 | ) | 8.96 | ||||||||||||||
Outstanding at March 31, 2015 | 46,000 | 8.68 | 2.87 | 732,000 | |||||||||||||
Exercisable at March 31, 2015 | 46,000 | $ | 8.68 | 2.87 | $ | 732,000 |
Note_13_Income_Taxes_Tables
Note 13 - Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Notes Tables | |||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended March 31, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
Current: | |||||||||||||||||
Federal | $ | 1,209,000 | $ | 36,000 | |||||||||||||
State | 159,000 | 176,000 | |||||||||||||||
Foreign | (65,000 | ) | 69,000 | ||||||||||||||
Total current | 1,303,000 | 281,000 | |||||||||||||||
Deferred: | |||||||||||||||||
Federal | (315,000 | ) | 779,000 | ||||||||||||||
State | (57,000 | ) | 132,000 | ||||||||||||||
Total deferred | (372,000 | ) | 911,000 | ||||||||||||||
Total | $ | 931,000 | $ | 1,192,000 | |||||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended March 31, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
Expected federal income tax expense U.S. statutory rate | $ | 1,161,000 | 34 | % | $ | 904,000 | 34 | % | |||||||||
State income taxes, net of Federal benefit | 67,000 | 2 | 203,000 | 7.6 | |||||||||||||
Permanent differences, other | 42,000 | 1.2 | 15,000 | 0.6 | |||||||||||||
Section 831(b) benefit | (364,000 | ) | (10.6 | ) | - | - | |||||||||||
Other differences, net | (25,000 | ) | 0.7 | 70,000 | 2.6 | ||||||||||||
Income tax expense | $ | 931,000 | 27.3 | % | $ | 1,192,000 | 44.8 | % | |||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | March 31, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
Inventory reserves | $ | 115,000 | $ | 279,000 | |||||||||||||
Accrued vacation | 244,000 | 237,000 | |||||||||||||||
Stock option compensation | 47,000 | 150,000 | |||||||||||||||
Warranty reserve | 85,000 | 88,000 | |||||||||||||||
Accounts and notes receivable reserve | 83,000 | 57,000 | |||||||||||||||
Net operating loss carryforwards | - | 91,000 | |||||||||||||||
Federal credits | - | 69,000 | |||||||||||||||
263A Inventory Capitalization | 145,000 | 11,000 | |||||||||||||||
Other | 79,000 | 6,000 | |||||||||||||||
Total deferred tax assets | 798,000 | 988,000 | |||||||||||||||
Prepaid expenses | (473,000 | ) | (616,000 | ) | |||||||||||||
Property and equipment | (463,000 | ) | (1,004,000 | ) | |||||||||||||
Total deferred tax liabilities | (936,000 | ) | (1,620,000 | ) | |||||||||||||
Net deferred tax (liability) asset | $ | (138,000 | ) | $ | (632,000 | ) |
Note_15_Quarterly_Financial_In1
Note 15 - Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Notes Tables | |||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
2015 | |||||||||||||||||
Operating Revenues | $ | 21,779 | $ | 34,625 | $ | 30,893 | $ | 24,885 | |||||||||
Operating Income (Loss) | 99 | $ | 2,597 | 2,141 | (1,420 | ) | |||||||||||
Net Income (Loss) | 73 | $ | 1,818 | 1,448 | (856 | ) | |||||||||||
Basic Earnings (Loss) per share | 0.03 | 0.77 | 0.61 | (0.36 | ) | ||||||||||||
Diluted Earnings (Loss) per share | 0.03 | 0.77 | 0.61 | (0.36 | ) | ||||||||||||
2014 | |||||||||||||||||
Operating Revenues | $ | 21,280 | $ | 24,190 | $ | 29,835 | $ | 25,467 | |||||||||
Operating Income | 221 | 752 | 796 | 864 | |||||||||||||
Net Income | 139 | 456 | 455 | 417 | |||||||||||||
Basic Earnings per share | 0.06 | 0.19 | 0.19 | 0.17 | |||||||||||||
Diluted Earnings per share | 0.06 | 0.18 | 0.19 | 0.17 |
Note_16_Segment_Information_Ta
Note 16 - Segment Information (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Notes Tables | |||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year Ended March 31, | ||||||||
2015 | 2014 | ||||||||
Operating Revenues: | |||||||||
Overnight Air Cargo | $ | 49,864,547 | $ | 52,341,439 | |||||
Ground Equipment Sales: | |||||||||
Domestic | 33,231,529 | 25,928,216 | |||||||
International | 8,538,866 | 5,581,976 | |||||||
Total Ground Equipment Sales | 41,770,395 | 31,510,192 | |||||||
Ground Support Services | 20,546,216 | 16,920,414 | |||||||
Total | $ | 112,181,158 | $ | 100,772,045 | |||||
Operating Income (Loss): | |||||||||
Overnight Air Cargo | $ | 1,174,330 | $ | 2,158,525 | |||||
Ground Equipment Sales | 4,283,683 | 2,397,357 | |||||||
Ground Support Services | 266,862 | 1,085,103 | |||||||
Corporate | (2,308,172 | ) | (3,008,445 | ) | |||||
Total | $ | 3,416,703 | $ | 2,632,540 | |||||
Capital Expenditures: | |||||||||
Overnight Air Cargo | $ | 245,548 | $ | 119,559 | |||||
Ground Equipment Sales | 1,360,140 | 841,903 | |||||||
Ground Support Services | 256,918 | 289,598 | |||||||
Corporate | 69,175 | 32,108 | |||||||
Total | $ | 1,931,781 | $ | 1,283,168 | |||||
Depreciation and Amortization: | |||||||||
Overnight Air Cargo | $ | 158,179 | $ | 166,796 | |||||
Ground Equipment Sales | 502,648 | 400,879 | |||||||
Ground Support Services | 167,743 | 134,663 | |||||||
Corporate | 28,340 | 50,074 | |||||||
Total | $ | 856,911 | $ | 752,412 |
Note_1_Summary_of_Significant_2
Note 1 - Summary of Significant Accounting Policies (Details Textual) (USD $) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Accounts Receivable Payment Terms | 30 days | |
Warranty Term on Ground Equipment Products | 3 years | |
Overnight Air Cargo [Member] | ||
Number of Major Customers | 1 | |
Cargo and Freight Revenue | $32,672,000 | $33,076,000 |
Computer Equipment [Member] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Flight Equipment [Member] | ||
Property, Plant and Equipment, Useful Life | 7 years | |
Equipment Leased to Other Party [Member] | ||
Property, Plant and Equipment, Useful Life | 10 years |
Note_1_Product_Warranty_Reserv
Note 1 - Product Warranty Reserve Activity (Details) (Approximation [Member], USD $) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Approximation [Member] | ||
Beginning Balance | $242,000 | $209,000 |
Amounts charged to expense | 169,683 | 357,000 |
Actual warranty costs paid | -179,880 | -324,000 |
Ending Balance | $231,803 | $242,000 |
Note_2_Earnings_Per_Common_Sha
Note 2 - Earnings Per Common Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | |
Net income | ($856,000) | $1,448,000 | $1,818,000 | $73,000 | $417,000 | $455,000 | $456,000 | $139,000 | $2,483,926 | $1,466,636 |
Earnings Per Share: | ||||||||||
Basic (in dollars per share) | ($0.36) | $0.61 | $0.77 | $0.03 | $0.17 | $0.19 | $0.19 | $0.06 | $1.05 | $0.61 |
Diluted (in dollars per share) | ($0.36) | $0.61 | $0.77 | $0.03 | $0.17 | $0.19 | $0.18 | $0.06 | $1.04 | $0.60 |
Weighted Average Shares Outstanding: | ||||||||||
Basic (in shares) | 2,359,610 | 2,414,184 | ||||||||
Diluted (in shares) | 2,379,928 | 2,433,058 |
Note_3_Marketable_Securities_D
Note 3 - Marketable Securities (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
Marketable Securities, Current | $5,278,752 | $1,460,518 | $5,278,752 | $1,460,518 |
Available-for-sale Securities, Amortized Cost Basis | 5,490,000 | 1,471,000 | 5,490,000 | 1,471,000 |
Available-for-sale Securities, Gross Unrealized Gain | 16,000 | 0 | ||
Available-for-sale Securities, Gross Unrealized Loss | 27,000 | 211,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 4,168,000 | 1,185,000 | 4,168,000 | 1,185,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | 176,000 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 35,000 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,111,000 | 1,111,000 | ||
Marketable Securities, Realized Gain (Loss), Excluding Other than Temporary Impairments | $8,487 | $10,954 |
Note_4_Inventory_Details
Note 4 - Inventory (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
Aircraft parts and supplies | $119,638 | |
Ground support service parts | 938,072 | 608,674 |
Raw materials | 2,583,797 | 6,965,659 |
Work in process | 1,535,152 | 1,814,791 |
Finished goods | 3,045,761 | 3,486,269 |
Total inventories | 8,102,782 | 12,995,031 |
Reserves | -313,133 | -755,562 |
Total, net of reserves | $7,789,649 | $12,239,469 |
Note_5_Property_and_Equipment_1
Note 5 - Property and Equipment (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
Furniture, fixtures and improvements | $6,604,150 | $12,299,863 |
Less accumulated depreciation | -4,032,650 | -8,313,689 |
Property and equipment, net | 2,571,499 | 3,986,174 |
Furniture and Fixtures [Member] | ||
Furniture, fixtures and improvements | 4,931,748 | 6,265,083 |
Flight Equipment [Member] | ||
Furniture, fixtures and improvements | 3,203,765 | |
Equipment Leased to Other Party [Member] | ||
Furniture, fixtures and improvements | $1,672,402 | $2,831,015 |
Note_6_Accrued_Expenses_Detail
Note 6 - Accrued Expenses (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
Salaries, wages and related items | $1,571,347 | $1,448,502 |
Profit sharing | 1,088,089 | 501,831 |
Health insurance | 405,826 | 280,554 |
Warranty reserves | 231,803 | 242,064 |
Other | 232,386 | 119,583 |
Total | $3,529,451 | $2,592,534 |
Note_7_Financing_Arrangements_
Note 7 - Financing Arrangements (Details Textual) (Revolving Credit Facility [Member], USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
Long-term Line of Credit | $5,000,000 | $0 |
Secured Long-term Debt, Noncurrent | 7,000,000 | |
Line of Credit Facility, Remaining Borrowing Capacity | $7,000,000 | |
Line of Credit Facility, Interest Rate at Period End | 0.18% | |
London Interbank Offered Rate (LIBOR) [Member] | ||
Derivative, Basis Spread on Variable Rate | 1.50% |
Note_8_Lease_Commitments_Detai
Note 8 - Lease Commitments (Details Textual) (USD $) | 12 Months Ended | 44 Months Ended | 1 Months Ended | 14 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Jan. 31, 2018 | 31-May-14 | 31-May-14 | |
Lessee Leasing Arrangements Operating Leases Periodic Rent Increase in Number of Years | 5 years | ||||
Lease Termination Notice Period | 90 days | ||||
Operating Leases, Rent Expense | $2,309,000 | $1,875,000 | |||
Company Controlled by Companys Officer and Directors [Member] | Scenario, Forecast [Member] | |||||
Operating Leases Monthly Rent | 14,862 | ||||
Company Controlled by Companys Officer and Directors [Member] | |||||
Operating Leases Monthly Rent | 14,428 | ||||
Number of Additional Lease Option Periods | 3 | ||||
Lessee Leasing Arrangements, Operating Leases, Renewal Term | 2 years | ||||
Related Party [Member] | |||||
Operating Leases, Rent Expense | $177,000 | $173,000 |
Note_8_Future_Minimum_Annual_L
Note 8 - Future Minimum Annual Lease Payments (Details) (USD $) | Mar. 31, 2015 |
2016 | $1,825,000 |
2017 | 1,521,000 |
2018 | 1,297,000 |
2019 | 688,000 |
2020 | 252,000 |
Total minimum lease payments | $5,583,000 |
Note_9_Assets_and_Liabilities_
Note 9 - Assets and Liabilities Measured at Fair Value (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
Marketable securities | $5,278,752 | $1,460,518 |
Note_10_Stockholders_Equity_De
Note 10 - Stockholders' Equity (Details Textual) (USD $) | 0 Months Ended | |||
14-May-14 | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 15, 2015 | |
Preferred Stock, Shares Authorized | 50,000 | 50,000 | ||
Preferred Stock, Shares Issued | 0 | |||
Common Stock, Shares Authorized | 4,000,000 | 4,000,000 | ||
Common Stock, Par or Stated Value Per Share | $0.25 | $0.25 | ||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 750,000 | |||
Preferred Stock, Par or Stated Value Per Share | $1 | $1 | ||
Series B Preferred Stock [Member] | ||||
Preferred Stock, Shares Authorized | 5,000 | |||
Related Dividend Declared in Comparison to Per Share of Common Stock | 1,000 | |||
Liquidation Payment in Comparison to Per Share of Common Stock | 1,000 | |||
Number of Votes Entitled | 1,000 | |||
Preferred Stock, Capital Shares Reserved for Future Issuance | 3,000 | |||
Dividends, Preferred Stock | $1 | |||
Preferred Stock, Liquidation Preference Per Share | $100 | |||
Series A Preferred Stock [Member] | ||||
Preferred Stock, Shares Authorized | 5,000 | |||
Other Than Exempt Person [Member] | ||||
Common Stock, Par or Stated Value Per Share | $85 | |||
Rights Agreement [Member] | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $0.01 |
Note_11_Employee_and_NonEmploy2
Note 11 - Employee and Non-Employee Stock Options (Details Textual) (USD $) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $0 | $9,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 10,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 173,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 10,000 | 2,500 |
Common Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 256,000 | |
Exercise Price to Fair Market Value | 100.00% | |
Director [Member] | Employee and Non Employee Director Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |
Employee and Non Employee Director Options [Member] | ||
Allocated Share-based Compensation Expense | $8,958 | $23,200 |
Note_11_Option_Activity_Detail
Note 11 - Option Activity (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Shares (in shares) | 101,500 | 212,500 |
Weighted Average Exercise Price Per Share (in dollars per share) | $8.73 | $8.60 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 10,000 |
Weighted Average Exercise Price Per Share (in dollars per share) | $10.56 | |
Shares (in shares) | -17,500 | -2,500 |
Weighted Average Exercise Price Per Share (in dollars per share) | $8.61 | $10.15 |
Shares (in shares) | -6,000 | -2,500 |
Weighted Average Exercise Price Per Share (in dollars per share) | $8.29 | $10.15 |
Shares (in shares) | -32,000 | -116,000 |
Weighted Average Exercise Price Per Share (in dollars per share) | $8.96 | $8.58 |
Shares (in shares) | 46,000 | 101,500 |
Weighted Average Exercise Price Per Share (in dollars per share) | $8.68 | $8.73 |
Weighted Average Remaining Life (Years) | 2 years 317 days | 3 years 142 days |
Aggregate Intrinsic Value | $732,000 | $342,000 |
Shares (in shares) | 46,000 | |
Weighted Average Exercise Price Per Share (in dollars per share) | $8.68 | |
Weighted Average Remaining Life (Years) | 2 years 317 days | |
Aggregate Intrinsic Value | $732,000 |
Note_12_Major_Customers_Detail
Note 12 - Major Customers (Details Textual) (Customer Concentration Risk [Member]) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Sales [Member] | Fed Ex [Member] | ||
Concentration Risk, Percentage | 45.00% | 52.00% |
Sales [Member] | United States Air Force [Member] | ||
Concentration Risk, Percentage | 14.00% | 4.00% |
Accounts Receivable [Member] | Fed Ex [Member] | ||
Concentration Risk, Percentage | 26.00% | 33.00% |
Note_13_Income_Taxes_Details_T
Note 13 - Income Taxes (Details Textual) (USD $) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Unrecognized Tax Benefits | $0 | $0 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 0 | 0 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | $0 | $0 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | 34.00% |
Note_13_Provision_for_Income_T
Note 13 - Provision for Income Taxes (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Current: | ||
Federal | $1,209,000 | $36,000 |
State | 159,000 | 176,000 |
Foreign | -65,000 | 69,000 |
Total current | 1,303,000 | 281,000 |
Deferred: | ||
Federal | -315,000 | 779,000 |
State | -57,000 | 132,000 |
Deferred income taxes | -372,000 | 911,000 |
Total | $931,000 | $1,192,000 |
Note_13_Difference_in_Income_T
Note 13 - Difference in Income Tax Provision (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Year Ended March 31 | $1,161,000 | $904,000 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | 34.00% |
Year Ended March 31 | 67,000 | 203,000 |
Year Ended March 31 | 2.00% | 7.60% |
Year Ended March 31 | 42,000 | 15,000 |
Year Ended March 31 | 1.20% | 0.60% |
Year Ended March 31 | -364,000 | |
Year Ended March 31 | -10.60% | |
Year Ended March 31 | -25,000 | 70,000 |
Year Ended March 31 | 0.70% | 2.60% |
Year Ended March 31 | $931,000 | $1,192,000 |
Year Ended March 31 | 27.30% | 44.80% |
Note_13_Deferred_Tax_Assets_an
Note 13 - Deferred Tax Assets and Liabilities (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
Inventory reserves | $115,000 | $279,000 |
Accrued vacation | 244,000 | 237,000 |
Stock option compensation | 47,000 | 150,000 |
Warranty reserve | 85,000 | 88,000 |
Accounts and notes receivable reserve | 83,000 | 57,000 |
Net operating loss carryforwards | 91,000 | |
Federal credits | 69,000 | |
263A Inventory Capitalization | 145,000 | 11,000 |
Other | 79,000 | 6,000 |
Total deferred tax assets | 798,000 | 988,000 |
Prepaid expenses | -473,000 | -616,000 |
Property and equipment | -463,000 | -1,004,000 |
Total deferred tax liabilities | -936,000 | -1,620,000 |
Net deferred tax (liability) asset | ($138,000) | ($632,000) |
Note_14_Employee_Benefits_Deta
Note 14 - Employee Benefits (Details Textual) (USD $) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Pension and Other Postretirement Benefit Contributions | $299,000 | $287,000 |
General and Administrative Expense [Member] | ||
Other Labor-related Expenses | $1,150,000 | $500,000 |
Note_15_Quarterly_Financial_In2
Note 15 - Quarterly Financial Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | |
Revenues | $24,885,000 | $30,893,000 | $34,625,000 | $21,779,000 | $25,467,000 | $29,835,000 | $24,190,000 | $21,280,000 | $112,181,158 | $100,772,045 |
Operating Income (Loss) | -1,420,000 | 2,141,000 | 2,597,000 | 99,000 | 864,000 | 796,000 | 752,000 | 221,000 | 3,416,703 | 2,632,540 |
Net income | ($856,000) | $1,448,000 | $1,818,000 | $73,000 | $417,000 | $455,000 | $456,000 | $139,000 | $2,483,926 | $1,466,636 |
Basic (in dollars per share) | ($0.36) | $0.61 | $0.77 | $0.03 | $0.17 | $0.19 | $0.19 | $0.06 | $1.05 | $0.61 |
Diluted (in dollars per share) | ($0.36) | $0.61 | $0.77 | $0.03 | $0.17 | $0.19 | $0.18 | $0.06 | $1.04 | $0.60 |
Note_16_Segment_Information_De
Note 16 - Segment Information (Details Textual) (USD $) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Number of Operating Segments | 3 | |
Payments to Acquire Property, Plant, and Equipment | $1,931,781 | $1,283,168 |
Ground Equipment Sales [Member] | Commercial Aircraft Deicers [Member] | ||
Payments to Acquire Property, Plant, and Equipment | 1,132,115 | 788,239 |
Ground Equipment Sales [Member] | ||
Payments to Acquire Property, Plant, and Equipment | $1,360,140 | $841,903 |
Note_16_Segment_Data_Details
Note 16 - Segment Data (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Operating Revenues: | ||
Revenues | $112,181,158 | $100,772,045 |
Operating Income (Loss): | ||
Operating Income (Loss) | 3,416,703 | 2,632,540 |
Capital Expenditures: | ||
Capital Expenditures | 1,931,781 | 1,283,168 |
Depreciation and Amortization: | ||
Depreciation and amortization | 856,911 | 752,412 |
Overnight Air Cargo [Member] | ||
Operating Revenues: | ||
Revenues | 49,864,547 | 52,341,439 |
Operating Income (Loss): | ||
Operating Income (Loss) | 1,174,330 | 2,158,525 |
Capital Expenditures: | ||
Capital Expenditures | 245,548 | 119,559 |
Depreciation and Amortization: | ||
Depreciation and amortization | 158,179 | 166,796 |
Ground Equipment Sales [Member] | Domestic [Member] | ||
Operating Revenues: | ||
Revenues | 33,231,529 | 25,928,216 |
Ground Equipment Sales [Member] | International [Member] | ||
Operating Revenues: | ||
Revenues | 8,538,866 | 5,581,976 |
Ground Equipment Sales [Member] | ||
Operating Revenues: | ||
Revenues | 41,770,395 | 31,510,192 |
Operating Income (Loss): | ||
Operating Income (Loss) | 4,283,683 | 2,397,357 |
Capital Expenditures: | ||
Capital Expenditures | 1,360,140 | 841,903 |
Depreciation and Amortization: | ||
Depreciation and amortization | 502,648 | 400,879 |
Ground Support Services [Member] | ||
Operating Revenues: | ||
Revenues | 20,546,216 | 16,920,414 |
Operating Income (Loss): | ||
Operating Income (Loss) | 266,862 | 1,085,103 |
Capital Expenditures: | ||
Capital Expenditures | 256,918 | 289,598 |
Depreciation and Amortization: | ||
Depreciation and amortization | 167,743 | 134,663 |
Corporate Segment [Member] | ||
Operating Income (Loss): | ||
Operating Income (Loss) | -2,308,172 | -3,008,445 |
Capital Expenditures: | ||
Capital Expenditures | 69,175 | 32,108 |
Depreciation and Amortization: | ||
Depreciation and amortization | $28,340 | $50,074 |
Note_18_Subsequent_Events_Deta
Note 18 - Subsequent Events (Details Textual) (Revolving Credit Facility [Member], USD $) | 0 Months Ended | |||
Apr. 02, 2015 | Apr. 02, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
Line of Credit Facility, Maximum Borrowing Capacity | $7,000,000 | |||
Long-term Line of Credit | 5,000,000 | 0 | ||
Subsequent Event [Member] | Standby Letters of Credit [Member] | ||||
Long-term Line of Credit | 500,000 | |||
Subsequent Event [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||
Subsequent Event [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 20,000,000 | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.15% | |||
Tangible Net Worth | $22,000,000 | |||
Minimum Fixed Charge Coverage Ratio | 1.35 | |||
Minimum Asset Coverage Ratio | 1.75 | |||
Leverage Ratio | 3.5 |