DENVER, NC / ACCESSWIRE / June 28, 2019 / Air T, Inc. (NASDAQ: AIRT) is a holding company with a portfolio of operating businesses and financial assets. These operating businesses include overnight air cargo operations, ground support equipment manufacturing and maintenance services, and commercial aircraft leasing, trading, and parts sales. Our goal is to prudently and strategically grow Air T's earnings and compound its free cash flow per share over time.
Fiscal 2019 Overview
Air T, Inc. Chairman and CEO Nick Swenson, said: "The significant growth in operating income this fiscal year reflects the successful acquisitions that have been made over the past few years to build a strong aircraft leasing, trading, and parts sales platform across a variety of different aircraft classes. We believe this platform will be a key driver of profitability and growth for Air T over the coming years. Contrail Aviation Support had a fantastic fiscal year, and we also welcomed Worthington Aviation into the Air T family in May 2018. Global Ground Support, our GSE manufacturing business, was also a solid performer in fiscal 2019 with excellent balance sheet efficiency and a strong backlog entering fiscal 2020. Some operating businesses underperformed our expectations this year, but we're working hard to get the right people in the right seats, reduce costs, and make sure that each business is serving its customers with excellence and achieving its cost of capital. We're excited about the future of Air T and appreciate the hard work of our valued employees as well as the continued support of our shareholders."
Business Segment Results
Aviation Ground Support Equipment
Overnight Air Cargo
Aviation Ground Support Maintenance Services
Commercial Jet Engines and Parts
Other Investments and Financial Liquidity
ABOUT AIR T, INC.
Established in 1980, Air T Inc. is a holding company with a portfolio of operating businesses and financial assets. Its four core segments are: overnight air cargo, aviation ground support equipment manufacturing, aviation ground support maintenance services, and commercial aircraft asset management and logistics. Our ownership interests are designed to compound and diversify Air T's cash earnings power. Our goal is to build on Air T's core businesses, and when appropriate, to expand into adjacent and other attractive industries that we believe fit into the Air T portfolio. For more information, visit www.airt.net.
FORWARD-LOOKING STATEMENTS
Statements in this press release, which contain more than historical information, may be considered forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995), which are subject to risks and uncertainties. Actual results may differ materially from those expressed in the forward-looking statements because of important potential risks and uncertainties, including, but not limited to, the risk that contracts with major customers will be terminated or not extended, future economic conditions and their impact on the Company's customers, the Company's ability to recover on its investments, including its investments in Delphax and other recently acquired companies, the timing and amounts of future orders under the Company's Global Ground Support subsidiary's contract with the United States Air Force, and risks and uncertainties related to business acquisitions, including the ability to successfully achieve the anticipated benefits of the acquisitions, inflation rates, competition, changes in technology or government regulation, information technology disruptions, and the impact of future terrorist activities in the United States and abroad. 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. The Company is under no obligation, and it expressly disclaims any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE: Air T, Inc.