Last $26.84 USD
Change Today -0.28 / -1.03%
Volume 22.4K
AIRT On Other Exchanges
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Exchange
NASDAQ CM
As of 8:10 PM 12/18/14 All times are local (Market data is delayed by at least 15 minutes).
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Company Description

Contact Info

3524 Airport Road

Maiden, NC 28650

United States

Phone: 828-464-8741

Fax: 828-465-5281

Air T, Inc., through its subsidiaries, provides overnight air cargo, ground equipment sales, and ground support services in the United States and internationally. The company operates in three segments: Overnight Air Cargo, Ground Equipment Sales, and Ground Support Services. Segments The company’s operates in the following segments: Overnight Air Cargo, Ground Equipment Sales, and Ground Support Services. Overnight Air Cargo segment The Overnight Air Cargo segment, comprised of its Mountain Air Cargo, Inc. (MAC) and CSA Air, Inc. (CSA) subsidiaries, operates in the air express delivery services industry. MAC and CSA provide small package overnight airfreight delivery services on a contract basis throughout the eastern half of the United States and the Caribbean. MAC and CSA’s revenues are derived principally pursuant to ‘dry-lease’ service contracts with FedEx Corporation (FedEx). As of March 31, 2014, MAC and CSA had an aggregate of 80 aircraft under agreement with FedEx. Separate agreements cover the three types of aircraft operated by MAC and CSA for FedEx -- Cessna Caravan, ATR-42 and ATR-72. As of March 31, 2014, MAC’s routes were primarily in the southeastern United States and the Caribbean and CSA’s routes were primarily in the upper Midwest region of the United States. Included within the 80 aircraft are 4 Cessna Caravan aircraft that are considered soft-parked. Ground Equipment Sales segment The Ground Equipment Sales segment, comprised of its Global Ground Support, LLC (GGS) subsidiary, manufactures and provides mobile deicers and other specialized equipment products to passenger and cargo airlines, airports, the U. S. military and industrial customers. GGS is located in Olathe, Kansas and manufactures, sells and services aircraft ground support and other specialized equipment sold to domestic and international passenger and cargo airlines, ground handling companies, the United States Air Force (USAF), airports and industrial customers. GGS has diversified its product line to include additional models of aircraft deicers, scissor-type lifts, military and civilian decontamination units, flight-line tow tractors, glycol recovery vehicles and other specialized types of equipment. In the manufacture of its ground service equipment, GGS assembles components acquired from third-party suppliers. GGS manufactures five basic models of mobile deicing equipment with capacities ranging from 700 to 2,800 gallons. GGS also offers fixed-pedestal-mounted deicers. Each model can be customized as requested by the customer, including single operator configuration, fire suppressant equipment, open basket or enclosed cab design, a patented forced-air deicing nozzle and on-board glycol blending system to substantially reduce glycol usage, color and style of the exterior finish. GGS also manufactures five models of scissor-lift equipment, for catering, cabin service and maintenance service of aircraft, and has developed a line of decontamination equipment, flight-line tow tractors, glycol recovery vehicles and other special purpose mobile equipment. Ground Support Services segment The Ground Support Services segment, comprised of its Global Aviation Services, LLC (GAS) subsidiary, provides ground support equipment maintenance and facilities maintenance services to domestic airlines and aviation service providers. As of March 31, 2014, GAS was providing GSE, fleet and facility maintenance services to approximately 50 customers at 30 North American airports. Governmental Regulation The company has been subject to Federal Aviation Administration (FAA) regulation since the commencement of its business activities. The aircraft operated by the company are in compliance with such regulations promulgated by the FAA. Such aircraft also comply with standards for aircraft exhaust emissions promulgated by the Environmental Protection Agency pursuant to the Clean Air Act of 1970, as amended. History Air T, Inc. was founded in 1980. The company was incorporated under the laws of the state of Delaware in 1980.

 

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Industry Analysis

AIRT

Industry Average

Valuation AIRT Industry Range
Price/Earnings 23.4x
Price/Sales 0.6x
Price/Book 2.2x
Price/Cash Flow 17.6x
TEV/Sales 0.5x
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