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Air T Inc. (AIRT+1.22%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing an increase in revenues to $77,880,000 from $63,756,000 in the same quarter the previous year. This increase is attributed to higher sales in the commercial jet engines and parts segment.
Operating income for the quarter was $1,816,000, compared to an operating loss of $1,608,000 in the previous year. The improvement was driven by increased sales in the commercial jet engines and parts segment.
The company reported a net loss of $1,243,000 for the quarter, compared to a net loss of $2,109,000 in the previous year. The improvement in net income was due to higher operating income.
Interest expense for the quarter increased to $2,561,000 from $1,528,000, primarily due to increased borrowings.
Cash provided by operating activities was $19,377,000, while cash used in investing and financing activities was $16,800,000 and $7,987,000, respectively.
Air T had a working capital of $42,786,000 as of December 31, 2024. The company continues to focus on managing its cost structure and capital resources.
The filing also details various financial agreements, including a new credit agreement with Alerus Financial and a term loan with Old National Bank.
Air T does not anticipate cash dividend payments to common stockholders in the near future.
The company identified a material weakness in its internal controls over financial reporting due to increased health insurance claims expenses.
Air T continues to focus on its core business segments, including overnight air cargo and ground equipment sales, while managing its investments in commercial jet engines and parts.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Air T Inc. quarterly 10-Q report dated February 12, 2025. To report an error, please email earnings@qz.com.