Air T, Inc. reported significant financial improvements for the second quarter of fiscal 2025, ending September 30, 2024, compared to the same period in the previous year. Operating revenues increased to $31.2 million, up from $28.2 million, marking a 7.0% rise. For the six months, revenues reached $61.6 million, compared to $55.9 million, reflecting a 10.0% increase.

The company achieved an operating income of $3.9 million for the quarter, a substantial increase from $761,000 in the prior year. For the six-month period, operating income rose to $3.3 million from $1.4 million. Net income for the three months was $3.0 million, a turnaround from a loss of $1.6 million in the same quarter of 2023. For the six months, net income was $3.0 million, compared to a loss of $1.6 million in the previous year.

The basic earnings per share for the quarter improved to $0.91 from a loss of $0.57, while for the six months, it rose to $0.79 from a loss of $0.76. The total comprehensive income for the quarter was $3.4 million, compared to a loss of $2.0 million in the prior year.

Segment performance varied, with the Overnight Air Cargo segment generating $31.2 million in revenue, a 10.6% increase attributed to higher administrative fees from an expanded fleet and additional routes. Ground Equipment Sales saw an 18.0% increase to $14.5 million, driven by higher sales of deicing trucks. However, revenue from Commercial Jet Engines and Parts decreased by 9.7% to $32.9 million.

The company’s total assets increased to $197.1 million from $177.2 million, while total liabilities rose to $181.0 million from $158.4 million. Cash and cash equivalents improved to $8.6 million from $7.1 million, and accounts receivable increased to $30.8 million from $22.9 million.

Strategically, Air T, Inc. has made significant moves, including refinancing its debt and entering new credit agreements. The company terminated interest rate swaps on certain notes, resulting in a net realized loss but also providing liquidity. Additionally, the company has been active in its investments, including a delayed draw term loan with Lendway, Inc. for up to $3.5 million.

Overall, Air T, Inc. has demonstrated a strong recovery in profitability and revenue growth, alongside strategic financial management and investment activities.