Air T Inc
NASDAQ:AIRT
Income Statement
Earnings Waterfall
Air T Inc
Revenue
|
288.5m
USD
|
Cost of Revenue
|
-233.9m
USD
|
Gross Profit
|
54.7m
USD
|
Operating Expenses
|
-54.4m
USD
|
Operating Income
|
263k
USD
|
Other Expenses
|
-14.4m
USD
|
Net Income
|
-14.2m
USD
|
Income Statement
Air T Inc
Dec-2013 | Mar-2014 | Jun-2014 | Sep-2014 | Dec-2014 | Mar-2015 | Jun-2015 | Sep-2015 | Dec-2015 | Mar-2016 | Jun-2016 | Sep-2016 | Dec-2016 | Mar-2017 | Jun-2017 | Sep-2017 | Dec-2017 | Mar-2018 | Jun-2018 | Sep-2018 | Dec-2018 | Mar-2019 | Jun-2019 | Sep-2019 | Dec-2019 | Mar-2020 | Jun-2020 | Sep-2020 | Dec-2020 | Mar-2021 | Jun-2021 | Sep-2021 | Dec-2021 | Mar-2022 | Jun-2022 | Sep-2022 | Dec-2022 | Mar-2023 | Jun-2023 | Sep-2023 | Dec-2023 | ||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenue | ||||||||||||||||||||||||||||||||||||||||||
Revenue |
106
N/A
|
101
-5%
|
101
+0%
|
112
+10%
|
113
+1%
|
112
0%
|
113
+0%
|
123
+9%
|
139
+13%
|
148
+7%
|
156
+5%
|
150
-4%
|
139
-7%
|
149
+7%
|
166
+12%
|
176
+6%
|
185
+5%
|
195
+5%
|
199
+2%
|
191
-4%
|
202
+6%
|
216
+7%
|
211
-2%
|
221
+5%
|
239
+8%
|
237
-1%
|
227
-4%
|
211
-7%
|
194
-8%
|
175
-10%
|
175
+0%
|
183
+4%
|
172
-6%
|
177
+3%
|
191
+8%
|
208
+9%
|
224
+8%
|
247
+10%
|
268
+8%
|
286
+7%
|
289
+1%
|
|
Gross Profit | ||||||||||||||||||||||||||||||||||||||||||
Cost of Revenue |
(90)
|
(85)
|
(85)
|
(93)
|
(93)
|
(95)
|
(96)
|
(103)
|
(113)
|
(118)
|
(122)
|
(118)
|
(109)
|
(116)
|
(145)
|
(154)
|
(162)
|
(155)
|
(159)
|
(151)
|
(158)
|
(165)
|
(159)
|
(166)
|
(183)
|
(184)
|
(179)
|
(169)
|
(155)
|
(140)
|
(140)
|
(144)
|
(134)
|
(136)
|
(145)
|
(159)
|
(171)
|
(194)
|
(214)
|
(231)
|
(234)
|
|
Gross Profit |
16
N/A
|
16
+1%
|
16
+0%
|
19
+17%
|
19
+3%
|
18
-10%
|
17
-2%
|
20
+17%
|
25
+25%
|
30
+18%
|
34
+15%
|
33
-4%
|
30
-7%
|
33
+8%
|
21
-37%
|
22
+7%
|
23
+4%
|
39
+71%
|
40
+2%
|
39
-1%
|
44
+11%
|
51
+15%
|
52
+2%
|
54
+5%
|
55
+2%
|
53
-5%
|
48
-9%
|
43
-10%
|
39
-9%
|
35
-11%
|
35
+2%
|
39
+9%
|
38
-2%
|
41
+9%
|
46
+12%
|
50
+8%
|
54
+7%
|
53
-1%
|
54
+1%
|
55
+3%
|
55
-1%
|
|
Operating Income | ||||||||||||||||||||||||||||||||||||||||||
Operating Expenses |
(14)
|
(14)
|
(14)
|
(15)
|
(15)
|
(15)
|
(16)
|
(15)
|
(18)
|
(24)
|
(34)
|
(37)
|
(37)
|
(36)
|
(14)
|
(17)
|
(18)
|
(35)
|
(35)
|
(36)
|
(39)
|
(41)
|
(44)
|
(45)
|
(45)
|
(45)
|
(42)
|
(40)
|
(39)
|
(37)
|
(38)
|
(37)
|
(38)
|
(32)
|
(36)
|
(38)
|
(41)
|
(50)
|
(58)
|
(53)
|
(54)
|
|
Selling, General & Administrative |
(13)
|
(13)
|
(13)
|
(14)
|
(14)
|
(14)
|
(15)
|
(15)
|
(17)
|
(22)
|
(30)
|
(32)
|
(32)
|
(32)
|
(28)
|
(30)
|
(32)
|
(32)
|
(32)
|
(31)
|
(33)
|
(34)
|
(36)
|
(38)
|
(38)
|
(40)
|
(38)
|
(37)
|
(35)
|
(34)
|
(35)
|
(35)
|
(36)
|
(30)
|
(33)
|
(35)
|
(38)
|
(45)
|
(46)
|
(49)
|
(51)
|
|
Research & Development |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(0)
|
(1)
|
(1)
|
(2)
|
(1)
|
(1)
|
(1)
|
(0)
|
(0)
|
(0)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Depreciation & Amortization |
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(3)
|
(3)
|
(3)
|
(3)
|
(2)
|
(2)
|
(2)
|
(3)
|
(4)
|
(5)
|
(6)
|
(7)
|
(8)
|
(8)
|
(7)
|
(6)
|
(4)
|
(4)
|
(4)
|
(3)
|
(3)
|
(2)
|
(2)
|
(2)
|
(2)
|
(3)
|
(4)
|
(4)
|
(4)
|
(4)
|
(3)
|
|
Other Operating Expenses |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
16
|
16
|
16
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(8)
|
0
|
0
|
|
Operating Income |
2
N/A
|
3
+4%
|
2
-12%
|
4
+77%
|
5
+14%
|
3
-46%
|
2
-37%
|
5
+190%
|
7
+54%
|
6
-15%
|
(0)
N/A
|
(5)
-44 900%
|
(7)
-48%
|
(3)
+54%
|
6
N/A
|
6
-9%
|
5
-19%
|
4
-6%
|
5
+10%
|
3
-28%
|
5
+38%
|
9
+98%
|
8
-18%
|
9
+18%
|
11
+21%
|
7
-32%
|
6
-18%
|
3
-58%
|
(0)
N/A
|
(3)
-2 264%
|
(2)
+11%
|
1
N/A
|
0
-74%
|
10
+2 495%
|
10
+8%
|
11
+9%
|
12
+7%
|
3
-72%
|
(5)
N/A
|
2
N/A
|
0
-89%
|
|
Pre-Tax Income | ||||||||||||||||||||||||||||||||||||||||||
Interest Income Expense |
0
|
0
|
0
|
0
|
0
|
0
|
(0)
|
(0)
|
0
|
0
|
0
|
1
|
1
|
2
|
1
|
0
|
(0)
|
(1)
|
(1)
|
(2)
|
(2)
|
(3)
|
(4)
|
(5)
|
(6)
|
(6)
|
(6)
|
(5)
|
(5)
|
(5)
|
(4)
|
(4)
|
(5)
|
(5)
|
(5)
|
(6)
|
(5)
|
(7)
|
(6)
|
(6)
|
(6)
|
|
Non-Reccuring Items |
0
|
0
|
0
|
0
|
1
|
1
|
1
|
1
|
(0)
|
0
|
(1)
|
(1)
|
(2)
|
(3)
|
(2)
|
(2)
|
(2)
|
(1)
|
1
|
1
|
(0)
|
0
|
2
|
1
|
2
|
2
|
(1)
|
(2)
|
(1)
|
(7)
|
(7)
|
2
|
2
|
8
|
8
|
(2)
|
(3)
|
(8)
|
0
|
(6)
|
(6)
|
|
Gain/Loss on Disposition of Assets |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
1
|
1
|
1
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Total Other Income |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(0)
|
0
|
(0)
|
(0)
|
0
|
(1)
|
0
|
(1)
|
(1)
|
(0)
|
1
|
3
|
3
|
3
|
2
|
1
|
(0)
|
(1)
|
(1)
|
(1)
|
0
|
(0)
|
0
|
|
Pre-Tax Income |
3
N/A
|
3
+8%
|
3
-6%
|
4
+72%
|
6
+31%
|
3
-40%
|
2
-34%
|
5
+130%
|
7
+35%
|
6
-11%
|
(1)
N/A
|
(5)
-354%
|
(7)
-41%
|
(4)
+43%
|
6
N/A
|
5
-12%
|
2
-51%
|
3
+10%
|
5
+78%
|
3
-38%
|
2
-33%
|
6
+200%
|
6
-3%
|
4
-23%
|
7
+65%
|
3
-65%
|
(2)
N/A
|
(5)
-110%
|
(4)
+5%
|
(12)
-163%
|
(10)
+14%
|
3
N/A
|
(0)
N/A
|
13
N/A
|
12
-7%
|
3
-80%
|
4
+57%
|
(11)
N/A
|
(11)
+7%
|
(10)
+7%
|
(12)
-19%
|
|
Net Income | ||||||||||||||||||||||||||||||||||||||||||
Tax Provision |
(1)
|
(1)
|
(1)
|
(2)
|
(2)
|
(1)
|
(1)
|
(2)
|
(2)
|
(2)
|
(2)
|
(1)
|
0
|
(1)
|
(1)
|
(1)
|
(1)
|
0
|
(0)
|
1
|
0
|
(2)
|
(1)
|
(1)
|
(1)
|
1
|
0
|
2
|
3
|
3
|
3
|
2
|
1
|
(1)
|
(1)
|
(1)
|
(1)
|
(0)
|
(0)
|
(2)
|
(2)
|
|
Income from Continuing Operations |
1
|
2
|
1
|
3
|
4
|
3
|
2
|
4
|
5
|
4
|
(4)
|
(6)
|
(7)
|
(5)
|
4
|
4
|
1
|
3
|
5
|
4
|
2
|
4
|
5
|
3
|
6
|
3
|
(2)
|
(3)
|
(2)
|
(8)
|
(7)
|
4
|
1
|
12
|
11
|
2
|
3
|
(12)
|
(11)
|
(11)
|
(14)
|
|
Income to Minority Interest |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
1
|
3
|
3
|
2
|
2
|
(1)
|
(1)
|
(0)
|
(0)
|
(0)
|
(0)
|
(1)
|
(2)
|
(4)
|
(4)
|
(5)
|
(4)
|
(1)
|
(0)
|
1
|
1
|
1
|
0
|
(0)
|
(1)
|
(2)
|
(1)
|
(2)
|
(1)
|
(0)
|
(0)
|
(1)
|
|
Net Income (Common) |
1
N/A
|
2
+4%
|
1
-7%
|
3
+97%
|
4
+36%
|
3
-34%
|
2
-33%
|
4
+118%
|
5
+35%
|
4
-11%
|
(1)
N/A
|
(3)
-452%
|
(5)
-46%
|
(3)
+34%
|
4
N/A
|
3
-19%
|
1
-67%
|
2
+142%
|
4
+80%
|
2
-42%
|
0
-85%
|
1
+271%
|
0
-78%
|
7
+2 428%
|
10
+31%
|
8
-20%
|
5
-35%
|
(4)
N/A
|
(1)
+70%
|
(7)
-582%
|
(6)
+16%
|
4
N/A
|
1
-78%
|
11
+1 024%
|
9
-15%
|
0
-95%
|
1
+156%
|
(12)
N/A
|
(11)
+7%
|
(12)
-3%
|
(14)
-20%
|
|
EPS (Diluted) |
0.39
N/A
|
0.4
+3%
|
0.38
-5%
|
0.77
+103%
|
1.06
+38%
|
0.7
-34%
|
0.47
-33%
|
1.02
+117%
|
1.37
+34%
|
1.24
-9%
|
-0.18
N/A
|
-1.07
-494%
|
-1.57
-47%
|
-1.01
+36%
|
1.15
N/A
|
0.94
-18%
|
0.31
-67%
|
0.74
+139%
|
1.34
+81%
|
0.78
-42%
|
0.11
-86%
|
0.41
+273%
|
0.1
-76%
|
2.41
+2 310%
|
3.23
+34%
|
2.75
-15%
|
1.75
-36%
|
-1.25
N/A
|
-0.37
+70%
|
-2.53
-584%
|
-2.13
+16%
|
1.48
N/A
|
0.33
-78%
|
3.75
+1 036%
|
3.21
-14%
|
0.14
-96%
|
0.37
+164%
|
-4.39
N/A
|
-4.03
+8%
|
-4.17
-3%
|
-5.02
-20%
|