ACCESS Newswire
29 Jun 2022, 02:07 GMT+10
DENVER, NC / ACCESSWIRE / June 28, 2022 / Air T, Inc. (NASDAQ:AIRT) is an industrious American company with a portfolio of businesses, each of which is independent yet interrelated. We seek dynamic individuals and teams to operate companies using processes that increase value over time. We believe we can apply corporate resources to help activate growth and overcome challenges.
Our core segments are overnight air cargo; aviation ground equipment manufacturing and sales; commercial jet engines and parts; and corporate and other.
Today the Company is announcing results for the Fiscal year ended March 31, 2022:
*Adjusted EBITDA is a non-GAAP financial measure; see below for further explanation and reconciliation to GAAP measure.
Company Chairman and CEO Nick Swenson commented:
'We are working to build AIRT's businesses day by day. This is a process and journey, not a destination. We were hard hit by Covid. And the covid recovery started later in aviation than in other industries-yet the recovery is gathering apace now. AIRT businesses reflect this dynamic and you will notice that the company exited Fiscal 2022 at a much improved level as compared to Fiscal Years 2020 and 2021. Despite many economic storm clouds gathering here and now in June of 2022, we are not experiencing any headwinds at the present time. If and when the inevitable slow-down occurs, then we will have the opportunity to make an intelligent, long-term strategic investment.'
Business Segment Results
Overnight Air Cargo
Aviation ground equipment manufacturing and sales ('GGS')
Commercial Jet Engines and Parts
Corporate and Other
*Adjusted EBITDA is a non-GAAP financial measure; see below for further explanation and reconciliation to GAAP measures.
Non-GAAP Financial Measures
The Company uses adjusted earnings before taxes, interest, and depreciation and amortization ('Adjusted EBITDA'), a non-GAAP financial measure as defined by the SEC, to evaluate the Company's financial performance. This performance measure is not defined by accounting principles generally accepted in the United States and should be considered in addition to, and not in lieu of, GAAP financial measures.
Adjusted EBITDA is defined as earnings before taxes, interest, and depreciation and amortization, adjusted for specified items. The Company calculates Adjusted EBITDA by removing the impact of specific items and adding back the amounts of interest expense and depreciation and amortization to earnings before income taxes. When calculating Adjusted EBITDA, the Company does not add back depreciation expense for aircraft engines that are on lease, as the Company believes this expense matches with the corresponding revenue earned on engine leases. Depreciation expense for leased engines totaled $0.3 million and $1.9 million for the fiscal year ended March 31, 2022, and 2021, respectively.
Management believes that Adjusted EBITDA is a useful measure of the Company's performance because it provides investors additional information about the Company's operations allowing better evaluation of underlying business performance and better period-to-period comparability. Adjusted EBITDA is not intended to replace or be an alternative to operating income, the most directly comparable amounts reported under GAAP.
The table below provides a reconciliation of operating income to Adjusted EBITDA for the periods ended March 31, 2022, and 2021 (in thousands):
The following table shows the Company's Adjusted EBITDA by segment for the periods ended March 31, 2022, and 2021 (in thousands):
ABOUT AIR T, INC.
Established in 1980, Air T Inc. is a portfolio of powerful businesses and financial assets, each of which is independent yet interrelated. Its core segments are overnight air cargo, aviation ground support equipment manufacturing, and commercial aircraft asset management and logistics. We seek to expand, strengthen and diversify Air T's after-tax cash flow per share. Our goal is to build Air T's core businesses, and when appropriate, to expand into adjacent and other industries. We seek to activate growth and overcome challenges while delivering meaningful value for all stakeholders. For more information, visit www.airt.net.
FORWARD-LOOKING STATEMENTS
Certain statements in this press release, including those contained in 'Overview,' are 'forward-looking' statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the Company's financial condition, results of operations, plans, objectives, future performance and business. Forward-looking statements include those preceded by, followed by or that include the words 'believes', 'pending', 'future', 'expects,' 'anticipates,' 'estimates,' 'depends' or similar expressions. These forward-looking statements involve risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements, because of, among other things, potential risks and uncertainties, such as:
A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances, and those future events or circumstances may not occur. We are under no obligation, and we expressly disclaim any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT
Air T, Inc.
Brian Ochocki, CFO
[email protected]
612-843-4302
SOURCE: Air T, Inc.
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