Air T Q3 net earnings increase
Feb 18, 2013 (Datamonitor via COMTEX) --
Air T, Inc., which provides air freight service, has reported that net earnings for the third quarter ended December 31, 2012 were $633,000, or $0.26 per share, compared to $579,000, or $0.24 per diluted share, for the third quarter ended December 31, 2011.
Operating revenues for the third quarter ended December 31, 2012 were $26.7 million, compared to $25.65 million for the third quarter ended December 31, 2011.
Net earnings for the nine months ended December 31, 2012 were $1.28 million, or $0.52 per share, compared to $1.34 million, or $0.55 per share, for the nine months ended December 31, 2011.
Operating revenues for the nine months ended December 31, 2012 were $72.35 million, compared to $67.67 million for the nine months ended December 31, 2011.
Walter Clark, Chairman and CEO of Air T, commented "The focus on improving efficiencies at our equipment manufacturer bore fruit in this most recent quarter with an improved bottom line. Additionally, there has been a concerted effort to pare down inventory levels at Global Ground and that has begun to yield positive results as well. The ground support services subsidiary showed year over year improvement with both top and bottom line increases. The air cargo side of the equation continues to be a solid performer with some reduction in bottom line due to the filling of additional management positions."
Mr. Clark continued, "I am pleased to announce the appointment by Air T's board of directors of Brad Wilson as our lead independent director. Brad Wilson is currently President and CEO of Blue Cross and Blue Shield of North Carolina and, among other achievements, currently serves on, and has served as Chairman of, the Board of Governors of the University of North Carolina and served as Chairman of the Board of Directors of the North Carolina Railroad Company. Air T is fortunate to have an individual of his capabilities willing to serve in this position. I and the rest of the Air T board look forward to working with Brad in his new capacity."
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