Air T, Inc. Reports Third Quarter Fiscal 2024 Results
Air T, Inc. Reports Third Quarter Fiscal 2024 Results
CHARLOTTE, NC / ACCESSWIRE / February 12, 2024 / 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.
北卡羅來納州夏洛特/ACCESSWIRE /2024年2月12日/Air T, Inc.（納斯達克股票代碼：AIRT）是一家勤奮的美國公司，擁有一系列業務組合，每項業務都是獨立但相互關聯的。我們尋求充滿活力的個人和團隊，使用能夠隨着時間的推移增加價值的流程來運營公司。我們相信，我們可以運用企業資源來幫助激活增長和克服挑戰。
Our core segments are overnight air cargo; aviation ground equipment manufacturing and sales; commercial jet engines and parts; and corporate and other.
我們的核心領域是隔夜航空貨運；航空地面設備的製造和銷售；商用噴氣發動機和零部件；以及公司及其他。
Today the Company is announcing results for the fiscal third quarter ended December 31, 2023:
今天，該公司公佈了截至2023年12月31日的第三財季業績：
- Revenues totaled $63.8 million for the quarter ended December 31, 2023, an increase of $2.4 million, or 4% from the prior year's comparable quarter.
- Operating loss was $1.6 million for the quarter ended December 31, 2023, a decrease of $1.7 million from the prior year's operating income of $0.1 million.
- Adjusted EBITDA* loss of $0.4 million for the quarter ended December 31, 2023, compared to an Adjusted EBITDA* profit of $1.3 million in the prior year's comparable quarter.
- Loss per share of $1.06 for the quarter ended December 31, 2023, compared to the loss per share of $0.21 for the prior year's comparable quarter.
- Total Equity decreased from $13.0 million as of March 31, 2023, to $8.0 million as of December 31, 2023, a decrease of $5.0 million, or 39%.
- 截至2023年12月31日的季度，總收入爲6,380萬美元，比上年同期增長240萬美元，增長4％。
- 截至2023年12月31日的季度營業虧損爲160萬美元，較上一年的10萬美元營業收入減少了170萬美元。
- 截至2023年12月31日的季度，調整後的息稅折舊攤銷前利潤*虧損40萬美元，而去年同期調整後的息稅折舊攤銷前利潤*利潤爲130萬美元。
- 截至2023年12月31日的季度每股虧損爲1.06美元，而去年同期的每股虧損爲0.21美元。
- 總股本從截至2023年3月31日的1,300萬美元下降到2023年12月31日的800萬美元，下降了500萬美元，下降了39％。
*Adjusted EBITDA is a non-GAAP financial measure; see below for further explanation and reconciliation to GAAP measure.
*調整後的息稅折舊攤銷前利潤是一項非公認會計准則財務指標；有關與GAAP指標的進一步解釋和對賬，請參閱下文。
Company Chairman and CEO Nick Swenson commented:
公司董事長兼首席執行官尼克·斯文森評論道：
"Management believes the people of Air T are building value for stakeholders over time, inclusive of the December 2023 quarter. During the quarter, both our balance sheet and income statements were impacted by the unexpected revenue decrease of 48% in our Ground Equipment Sales segment. The decline was caused by the weather and some unusual circumstances that we expect to resolve themselves. Before the current year, Ground Equipment Sales was a steady and reliable contributor to Air T. This segment's operating income over the previous nine (9) years ranged from a MIN of $2.4 million to a MAX of $9.0 million. We expect the segment to maintain its just-in-time manufacturing disciplines and efficient capital utilization."
“管理層認爲，隨着時間的推移，包括2023年12月的季度，Air T的員工正在爲利益相關者創造價值。在本季度，我們的資產負債表和損益表都受到地面設備銷售板塊收入意外下降48％的影響。下降是由天氣和一些我們預計會自行解決的異常情況造成的。在本年度之前，地面設備銷售爲Air T做出了穩定而可靠的貢獻。該細分市場在過去九（9）年中的營業收入從最低240萬美元到最高900萬美元不等。我們預計該細分市場將保持其準時製造紀律和高效的資本利用。”
Business Segment Results
業務板塊業績
Overnight Air Cargo
隔夜航空貨物
- This segment provides repair services and air express delivery services, primarily for FedEx.
- Revenues for this segment increased 33% to $29.0 million in the quarter ended December 31, 2023, compared to $21.8 million in the prior year quarter. The increase was principally attributable to higher administrative fees due to increased fleet, higher pass-through revenues from FedEx, higher maintenance and outside customer revenue, and the WASI acquisition, which contributed revenues for a full quarter in 2023 but none in the prior-year comparable period.
- Adjusted EBITDA* for this segment was $1.7 million for the quarter ended December 31, 2023, an increase of $0.7 million when compared to the prior year quarter, primarily due to the revenue increase noted above.
- 該部門主要爲聯邦快遞提供維修服務和空運快遞服務。
- 截至2023年12月31日的季度，該細分市場的收入增長了33％，達到2900萬美元，而去年同期爲2180萬美元。增長的主要原因是機隊增加導致的管理費增加，聯邦快遞的直通收入增加，維護和外部客戶收入的增加，以及對WASI的收購，後者在2023年爲整個季度帶來了收入，但在去年同期沒有帶來任何收入。
- 截至2023年12月31日的季度，該細分市場的調整後息稅折舊攤銷前利潤*爲170萬美元，與上一季度相比增加了70萬美元，這主要是由於上述收入的增長。
Aviation Ground Equipment Manufacturing and Sales
航空地面設備的製造和銷售
- Global Ground Support, one of the world's largest manufacturer of aircraft deicing equipment, manufactures, and provides mobile deicers and other specialized equipment products to passenger and cargo airlines, airports, and military and industrial customers.
- Revenues for this segment totaled $8.4 million for the quarter ended December 31, 2023, down 48% when compared to revenue of $16.1 million in the previous year's third fiscal quarter. The decrease was primarily driven by the lower number of deicing trucks sold in the current year quarter compared to the prior year's comparable quarter.
- Adjusted EBITDA* loss for this segment was $0.5 million in the quarter ended December 31, 2023, a decrease of $1.6 million compared to the prior year quarter, due primarily to the revenue decrease noted above.
- As of December 31, 2023, this segment's order backlog was $6.2 million versus $12.5 million as of December 31, 2022.
- Global Ground Support是世界上最大的飛機除冰設備製造商之一，爲客運和貨運航空公司、機場以及軍事和工業客戶製造和提供移動除冰器和其他專業設備產品。
- 截至2023年12月31日的季度，該細分市場的總收入爲840萬美元，與去年第三財季的1,610萬美元收入相比下降了48％。下降的主要原因是與去年同期相比，本年度的除冰卡車銷量減少。
- 截至2023年12月31日的季度，該細分市場的調整後息稅折舊攤銷前利潤*虧損爲50萬美元，與上一季度相比減少了160萬美元，這主要是由於上述收入減少。
- 截至2023年12月31日，該細分市場的訂單積壓爲620萬美元，而截至2022年12月31日爲1,250萬美元。
Commercial Jet Engines and Parts
商用噴氣發動機和零件
- This segment leases commercial jet engines and aircraft; buys, sells and trades in surplus and aftermarket commercial jet engines, engine parts, airframes, and airframe parts, avionics, and other; then delivers the related documents and logistics.
- Revenues for this segment totaled $24.1 million for the quarter ended December 31, 2023, an increase of $2.4 million versus the previous year's third fiscal quarter. The increase was primarily driven by higher pass-through consignment revenue at Worthington Aviation, LLC ("Worthington"), a wholly-owned subsidiary of the Company, in the current quarter compared to the prior year's comparable quarter.
- Adjusted EBITDA* loss for this segment was $0.1 million for the quarter ended December 31, 2023, a decrease of $1.7 million when compared to the prior year quarter primarily attributable to lower component sales at Contrail in the current quarter, partially offset by higher revenue driven by pass-through consignment revenue at Worthington compared to the prior year's comparable quarter.
- 該部門租賃商用噴氣發動機和飛機；購買、出售和交易剩餘和售後市場的商用噴氣發動機、發動機零件、機身和機身零件、航空電子設備等；然後提供相關文件和物流。
- 截至2023年12月31日的季度，該細分市場的總收入爲2410萬美元，與上一財年的第三財季相比增長了240萬美元。增長的主要原因是該公司全資子公司沃辛頓航空有限責任公司（“沃辛頓”）在本季度的直通託運收入與去年同期相比有所增加。
- 截至2023年12月31日的季度，該細分市場的調整後息稅折舊攤銷前利潤*虧損爲10萬美元，與上一季度相比減少了170萬美元，這主要歸因於本季度Contrail的零部件銷售下降，但與去年同期相比，沃辛頓直通託運收入的增加部分抵消了這一增長。
Corporate and Other
企業和其他
- This segment acts as the capital allocator and resource for other consolidated businesses. Further, Corporate and other also comprises smaller businesses and business interests.
- This segment's Adjusted EBITDA* for the quarter ended December 31, 2023, represented a loss of $1.5 million in the quarter, a decrease of $0.9 million when compared to the prior year's quarter loss of $2.4 million, due primarily to increased software subscriptions at Shanwick.
- 該部門充當其他合併業務的資本分配者和資源。此外，公司和其他機構還包括小型企業和商業利益。
- 該細分市場截至2023年12月31日的季度調整後息稅折舊攤銷前利潤*表示該季度虧損150萬美元，與上一季度的240萬美元虧損相比減少了90萬美元，這主要是由於Shanwick的軟件訂閱量增加。
*Adjusted EBITDA is a non-GAAP financial measure; see below for further explanation and reconciliation to GAAP measures.
*調整後的息稅折舊攤銷前利潤是一項非公認會計准則財務指標；有關GAAP指標的進一步解釋和對賬，請參閱下文。
Non-GAAP Financial Measures
非公認會計准則財務指標
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.
公司使用調整後的稅前、利息、折舊和攤銷前收益（“調整後的息稅折舊攤銷前利潤”）（美國證券交易委員會定義的非公認會計准則財務指標）來評估公司的財務業績。該績效衡量標準不是由美國普遍接受的會計原則定義的，應作爲公認會計原則財務衡量標準的補充，而不是代替公認會計原則財務衡量標準。
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. There was no depreciation expense for leased engines for the three months ended December 31, 2023 and $0.5 million for the three months ended December 31, 2022.
調整後的息稅折舊攤銷前利潤定義爲稅前、利息、折舊和攤銷前的收益，經特定項目調整後。公司計算調整後息稅折舊攤銷前利潤的方法是消除特定項目的影響，並將利息支出、折舊和攤銷金額與所得稅前收益相加。在計算調整後的息稅折舊攤銷前利潤時，公司不加上租賃飛機發動機的折舊費用，因爲公司認爲這筆費用與發動機租賃的相應收入相匹配。截至2023年12月31日的三個月，租賃發動機沒有折舊費用，截至2022年12月31日的三個月中沒有50萬美元的折舊費用。
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.
管理層認爲，調整後的息稅折舊攤銷前利潤是衡量公司業績的有用指標，因爲它爲投資者提供了有關公司運營的更多信息，從而可以更好地評估基礎業務業績並提高同期可比性。調整後的息稅折舊攤銷前利潤無意取代或替代營業收入，營業收入是根據公認會計原則報告的最直接可比金額。
The table below provides a reconciliation of operating income to Adjusted EBITDA for the periods ended December 31, 2023, and 2022 (in thousands):
下表提供了截至2023年12月31日和2022年12月31日期間的營業收入與調整後息稅折舊攤銷前利潤的對賬情況（以千計）：
| Three months ended | Nine months ended | |||||||||||||||
| 12/31/2023 | 12/31/2022 | 12/31/2023 | 12/31/2022 | |||||||||||||
Operating (loss) income |
$ | (1,608) | $ | 135 | $ | (189) | $ | 1,147 | ||||||||
Depreciation and amortization (excluding leased engines depreciation) |
699 | 560 | 2,088 | 1,810 | ||||||||||||
Asset impairment, restructuring or impairment charges |
321 | 638 | 326 | 2,174 | ||||||||||||
Loss (gain) on sale of property and equipment |
1 | - | (7) | (2) | ||||||||||||
Trust Preferred Securities issuance expenses |
185 | 4 | 277 | 38 | ||||||||||||
Adjusted EBITDA |
$ | (402) | $ | 1,337 | $ | 2,495 | $ | 5,167 | ||||||||
| 三個月已結束 | 九個月已結束 | |||||||||||||||
| 12/31/2023 | 12/31/2022 | 12/31/2023 | 12/31/2022 | |||||||||||||
營業（虧損）收入 |
$ | (1,608) | $ | 135 | $ | (189) | $ | 1,147 | ||||||||
折舊和攤銷（不包括租賃發動機折舊） |
699 | 560 | 2,088 | 1,810 | ||||||||||||
資產減值、重組或減值費用 |
321 | 638 | 326 | 2,174 | ||||||||||||
出售財產和設備的損失（收益） |
1 | - | (7) | (2) | ||||||||||||
信託優先證券發行費用 |
185 | 4 | 277 | 38 | ||||||||||||
調整後 EBITDA |
$ | (402) | $ | 1,337 | $ | 2,495 | $ | 5,167 | ||||||||
The following table shows the Company's Adjusted EBITDA by segment for the periods ended December 31, 2023, and 2022 (in thousands):
下表顯示了截至2023年12月31日和2022年12月31日的公司按分部劃分的調整後息稅折舊攤銷前利潤（以千計）：
| Three months ended | Nine months ended | |||||||||||||||
| 12/31/2023 | 12/31/2022 | 12/31/2023 | 12/31/2022 | |||||||||||||
Overnight Air Cargo |
$ | 1,690 | $ | 1,031 | $ | 5,830 | $ | 3,331 | ||||||||
Ground Equipment Sales |
(485) | 1,128 | (512) | 3,252 | ||||||||||||
Commercial Jet Engines and Parts |
(121) | 1,555 | 2,888 | 5,802 | ||||||||||||
Corporate and Other |
(1,486) | (2,377) | (5,711) | (7,218) | ||||||||||||
Adjusted EBITDA |
$ | (402) | $ | 1,337 | $ | 2,495 | $ | 5,167 | ||||||||
| 三個月已結束 | 九個月已結束 | |||||||||||||||
| 12/31/2023 | 12/31/2022 | 12/31/2023 | 12/31/2022 | |||||||||||||
隔夜航空貨物 |
$ | 1,690 | $ | 1,031 | $ | 5,830 | $ | 3,331 | ||||||||
地面設備銷售 |
(485) | 1,128 | (512) | 3,252 | ||||||||||||
商用噴氣發動機和零件 |
(121) | 1,555 | 2,888 | 5,802 | ||||||||||||
企業和其他 |
(1,486) | (2,377) | (5,711) | (7,218) | ||||||||||||
調整後 EBITDA |
$ | (402) | $ | 1,337 | $ | 2,495 | $ | 5,167 | ||||||||
NOTE REGARDING STAKEHOLDER QUESTIONS
關於利益相關者問題的說明
If you have questions related to this release or other Air T matters, please use our interactive Q&A capability, through Slido.com, accessible from our website, to submit your questions. We intend to keep that link open and available for shareholder questions. Questions submitted through Slido will be answered "live" and in writing at our Annual Meeting, and via a written response on a quarterly basis. Note that legal and pragmatic requirements restrict us from answering every question posted, yet we intend to address all reasonable and relevant questions with a written answer.
如果您對本版本或其他Air T事宜有疑問，請通過Slido.com使用我們的互動問答功能提交問題，該功能可從我們的網站上訪問。我們打算保持該鏈接的開放狀態，供股東提問。通過Slido提交的問題將在我們的年會上以 “直播” 和書面形式回答，並每季度通過書面回覆。請注意，法律和務實要求限制我們回答發佈的每個問題，但我們打算用書面答案來解決所有合理和相關的問題。
ABOUT AIR T, INC.
關於 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 sales, commercial jet engines and parts, and corporate and other. 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 . The information on our website is available for information purposes only and is not incorporated by reference into this press release.
Air T Inc. 成立於1980年，是一個由強大的業務和金融資產組成的投資組合，每種業務和金融資產都是獨立但相互關聯的。其核心細分市場是隔夜航空貨運、航空地面支持設備的製造和銷售、商用噴氣發動機和零件以及企業和其他領域。我們力求擴大、加強和分散Air T的每股稅後現金流。我們的目標是建立Air T的核心業務，並在適當時擴展到鄰近行業和其他行業。我們力求激活增長和克服挑戰，同時爲所有利益相關者創造有意義的價值。欲了解更多信息，請訪問。我們網站上的信息僅供參考，未以引用方式納入本新聞稿。
FORWARD-LOOKING STATEMENTS
前瞻性陳述
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:
本新聞稿中的某些陳述，包括 “概述” 中包含的陳述，是1995年《私人證券訴訟改革法》所指的 “前瞻性” 陳述，涉及公司的財務狀況、經營業績、計劃、目標、未來業績和業務。前瞻性陳述包括前綴、後面或包含 “相信”、“待定”、“未來”、“期望”、“預期”、“估計”、“依賴” 或類似表達方式的陳述。這些前瞻性陳述涉及風險和不確定性。實際結果可能與此類前瞻性陳述所設想的結果存在重大差異，原因包括潛在的風險和不確定性，例如：
- An inability to finance our operations through bank or other financing or through the sale of issuance of debt or equity securities;
- Economic and industry conditions in the Company's markets;
- The risk that contracts with FedEx could be terminated or adversely modified;
- The risk that the number of aircraft operated for FedEx will be reduced;
- The risk that GGS customers will defer or reduce significant orders for deicing equipment;
- The impact of any terrorist activities on United States soil or abroad;
- The Company's ability to manage its cost structure for operating expenses, or unanticipated capital requirements, and match them to shifting customer service requirements and production volume levels;
- The Company's ability to meet debt service covenants and to refinance existing debt obligations;
- The risk of injury or other damage arising from accidents involving the Company's overnight air cargo operations, equipment or parts sold and/or services provided;
- Market acceptance of the Company's commercial and military equipment and services;
- Competition from other providers of similar equipment and services;
- Changes in government regulation and technology;
- Changes in the value of marketable securities held as investments;
- Mild winter weather conditions reducing the demand for deicing equipment;
- Market acceptance and operational success of the Company's commercial jet engines and parts segment or its aircraft asset management business and related aircraft capital joint venture; and
- Despite our current indebtedness levels, we and our subsidiaries may still be able to incur substantially more debt, which could further exacerbate the risks associated with our substantial leverage.
- 無法通過銀行或其他融資或出售發行債務或股權證券爲我們的業務融資；
- 公司市場的經濟和行業狀況；
- 與聯邦快遞的合同可能被終止或受到不利修改的風險；
- 爲聯邦快遞運營的飛機數量將減少的風險；
- GGS 客戶推遲或減少大量除冰設備訂單的風險；
- 任何恐怖活動對美國領土或國外的影響；
- 公司有能力管理其運營費用或意想不到的資本需求的成本結構，並將其與不斷變化的客戶服務要求和產量水平相匹配；
- 公司履行還本付息契約和爲現有債務再融資的能力；
- 因涉及公司隔夜航空貨運業務、出售的設備或零件和/或提供的服務的事故而造成的傷害或其他損壞的風險；
- 公司商業和軍事設備及服務的市場接受度；
- 來自其他類似設備和服務提供商的競爭；
- 政府監管和技術的變化；
- 作爲投資持有的有價證券價值的變化；
- 溫和的冬季天氣條件減少了對除冰設備的需求；
- 公司商用噴氣發動機和零部件板塊或其飛機資產管理業務和相關飛機資本合資企業的市場接受度和運營成功率；以及
- 儘管我們目前的負債水平，但我們和我們的子公司可能仍能夠承擔更多的債務，這可能會進一步加劇與我們的高槓杆率相關的風險。
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.
前瞻性陳述既不是對未來事件或情況的預測，也不是對未來事件或情況的保證，這些未來的事件或情況可能不會發生。無論是由於新信息、未來事件還是其他原因，我們沒有義務更新或修改任何前瞻性陳述，我們也明確表示不承擔任何義務。
CONTACT
聯繫
Air T, Inc. Brian Ochocki, CFO
bochocki@airt.net
612-843-4302
Air T, Inc. Brian Ochocki，首席財務官
bochocki@airt.net
612-843-4302
SOURCE: Air T, Inc.
來源：Air T, Inc.