UNITED
STATES
|
|
SECURITIES
AND EXCHANGE COMMISSION
|
|
WASHINGTON,
D.C. 20549
|
|
FORM
10-Q
|
|
(Mark
one)
|
|
X
|
Quarterly
Report Pursuant to Section 13 or 15(d) of the Securities Exchange
Act
|
of
1934 for the quarterly period ended December 31, 2006
|
|
|
Transition
Report Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of
1934 for the transition period from _____to _____
|
|
|
Commission
file Number 0-11720
|
|
Air
T, Inc.
|
|
(Exact
name of registrant as specified in its charter)
|
|
Delaware
52-1206400
|
|
(State
or other jurisdiction of (I.R.S. Employer
|
|
incorporation
or organization) Identification No.)
|
|
Post
Office Box 488, Denver, North Carolina 28037
|
|
(Address
of principal executive offices, including zip code)
|
|
(704)
377-2109
|
|
(Registrant's
telephone number, including area code)
|
|
Indicate
by check mark whether the registrant (1) has filed all reports required
to
be filed by Section 13 or 15 (d) of the Securities Exchange Act of
1934
during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject
to
such filing requirements for the past 90 days.
|
|
Yes
X
No
______
|
|
Indicate
by check mark whether the registrant is a large accelerated filer,
an
accelerated filer or a non-accelerated filer (see definition of
“accelerated filer and large accelerated filer) in Rule 12b-2 of the
Exchange Act)
|
|
Large
Accelerated Filer____ Accelerated Filer_____ Non-Accelerated
Filer__X__
|
|
Indicate
by check mark whether the registrant is a shell company (as defined
in
Rule 12b-2 of the Exchange Act)
|
|
Yes No
___X___
|
|
APPLICABLE
ONLY TO CORPORATE ISSUERS:
|
|
Indicate
the number of shares outstanding of each of the issuer's classes
of common
stock, as of the latest practicable date.
|
|
2,661,209
shares of Common Stock, par value of $.25 per share were outstanding
as of
February 8, 2007. There is only one class of common stock
outstanding.
|
|
AIR
T, INC. AND SUBSIDIARIES
|
||||
|
|
INDEX
|
|
|
PAGE
|
||||
PART
I. FINANCIAL INFORMATION
|
||||
|
||||
Item
1. Financial Statements
|
||||
Condensed
Consolidated Statements of Operations
|
||||
for
the three and nine-months ended
|
||||
December
31, 2006 and 2005 (Unaudited)
|
3
|
|||
Condensed
Consolidated Balance Sheets at
|
||||
December
31, 2006 (Unaudited)
|
||||
and
March 31, 2006
|
4
|
|||
|
||||
Condensed
Consolidated Statements of Cash
|
||||
Flows
for the nine-months
|
||||
ended
December 31, 2006 and 2005 (Unaudited)
|
5
|
|||
Condensed
Consolidated Statements of Stockholders’
|
||||
Equity
and Other Comprehensive Income for the
|
||||
nine-months
ended December 31,
|
||||
2006
and 2005(Unaudited)
|
6
|
|||
Notes
to Condensed Consolidated Financial
|
||||
Statements
(Unaudited)
|
7-14
|
|||
Item
2.
|
Management’s
Discussion and Analysis
|
|||
of
Financial Condition and Results
|
||||
of
Operations
|
14-21
|
|||
Item
3.
|
Quantitative
and Qualitative Disclosure
|
|||
About
Market Risk
|
21
|
|||
|
||||
Item
4.
|
Controls
and Procedures
|
21-22
|
||
PART
II. OTHER INFORMATION
|
||||
Item
1.
|
Legal
Proceedings
|
22-23
|
||
Item
2.
|
Unregistered
Sales of Equity Securities and
|
|||
Use
of Proceeds
|
24
|
|||
Item
6.
|
Exhibits
|
24
|
||
Signatures
|
25
|
|||
Exhibit
Index
|
25
|
|||
Officers’
Certifications
|
26-28
|
|||
|
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||
|
December
31,
|
December
31,
|
|||||||||||
2006
|
2005
|
2006
|
2005
|
||||||||||
Operating
Revenues:
|
|||||||||||||
Overnight
air cargo
|
$
|
8,844,879
|
$
|
10,549,955
|
$
|
26,067,138
|
$
|
32,469,364
|
|||||
Ground
equipment
|
8,549,652
|
12,864,831
|
22,132,307
|
26,297,588
|
|||||||||
17,394,531
|
23,414,786
|
48,199,445
|
58,766,952
|
||||||||||
Operating
Expenses:
|
|||||||||||||
Flight-air
cargo
|
4,457,557
|
5,085,348
|
12,945,381
|
14,041,163
|
|||||||||
Maintenance-air
cargo
|
3,041,183
|
4,019,817
|
9,251,179
|
13,477,674
|
|||||||||
Ground
equipment
|
6,832,895
|
10,641,270
|
16,561,498
|
21,788,198
|
|||||||||
General
and administrative
|
2,384,078
|
2,330,762
|
6,780,723
|
6,889,038
|
|||||||||
Depreciation
and amortization
|
153,815
|
188,121
|
478,611
|
509,772
|
|||||||||
16,869,528
|
22,265,318
|
46,017,392
|
56,705,845
|
||||||||||
Operating
Income
|
525,003
|
1,149,468
|
2,182,053
|
2,061,107
|
|||||||||
Non-operating
Expense (Income) Expense:
|
|||||||||||||
Interest,
net
|
85,003
|
62,209
|
117,020
|
122,024
|
|||||||||
Deferred
retirement expense
|
5,250
|
5,250
|
15,750
|
15,750
|
|||||||||
Investment
income and other
|
(60,197
|
)
|
(24,774
|
)
|
(179,213
|
)
|
(92,949
|
)
|
|||||
30,056
|
42,685
|
(46,443
|
)
|
44,825
|
|||||||||
Earnings
Before Income Taxes
|
494,947
|
1,106,783
|
2,228,496
|
2,016,282
|
|||||||||
Income
Tax Expense
|
191,188
|
431,555
|
826,875
|
799,196
|
|||||||||
Net
Earnings
|
$
|
303,759
|
$
|
675,228
|
$
|
1,401,621
|
$
|
1,217,086
|
|||||
Basic
and Diluted Net Earnings Per Share
|
$
|
0.11
|
$
|
0.25
|
$
|
0.52
|
$
|
0.46
|
|||||
Weighted
Average Shares Outstanding:
|
|||||||||||||
Basic
|
2,667,932
|
2,671,293
|
2,670,173
|
2,671,293
|
|||||||||
Diluted
|
2,668,249
|
2,671,714
|
2,670,539
|
2,671,793
|
|||||||||
See
notes to condensed consolidated financial statements.
|
|
December
31, 2006
|
March
31, 2006
|
|||||
ASSETS
|
(Unaudited
|
)
|
(Note
|
)
|
|||
Current
Assets:
|
|||||||
Cash
and cash equivalents
|
$
|
2,222,119
|
$
|
2,702,424
|
|||
Marketable
securities
|
894,060
|
807,818
|
|||||
Accounts
receivable, less allowance
|
|||||||
for
doubtful accounts of $431,342 at December
|
|||||||
31,
2006 and $481,837 at March 31, 2006
|
8,890,463
|
8,692,971
|
|||||
Income
taxes receivable
|
292,707
|
108,553
|
|||||
Notes
and other non-trade receivables-current
|
36,303
|
104,086
|
|||||
Inventories,
net
|
10,040,591
|
5,705,591
|
|||||
Deferred
tax assets
|
710,240
|
576,640
|
|||||
Prepaid
expenses and other
|
282,481
|
334,064
|
|||||
Total
Current Assets
|
23,368,964
|
19,032,147
|
|||||
Property
and Equipment
|
7,952,765
|
9,076,063
|
|||||
Less
accumulated depreciation
|
(5,895,654
|
)
|
(5,907,520
|
)
|
|||
Property
and Equipment, net
|
2,057,111
|
3,168,543
|
|||||
Deferred
Tax Assets
|
152,022
|
194,996
|
|||||
Cash
Surrender Value of Life Insurance Policies
|
1,274,119
|
1,231,481
|
|||||
Notes
and Other Non-Trade Receivables-Long Term
|
221,574
|
214,653
|
|||||
Other
Assets
|
50,406
|
81,537
|
|||||
Total
Assets
|
$
|
27,124,196
|
$
|
23,923,357
|
|||
|
|||||||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|||||||
Current
Liabilities:
|
|||||||
Accounts
payable
|
$
|
5,367,087
|
$
|
5,354,713
|
|||
Accrued
expenses
|
1,799,523
|
2,411,262
|
|||||
Current
portion of long-term debt and obligations
|
183,476
|
186,492
|
|||||
Total
Current Liabilities
|
7,350,086
|
7,952,467
|
|||||
Capital
Lease Obligations (less current portion)
|
77,002
|
50,577
|
|||||
Long-Term
Debt (less current portion)
|
3,652,267
|
712,883
|
|||||
Deferred
Retirement Obligations (less current portion)
|
670,863
|
707,388
|
|||||
Stockholders'
Equity:
|
|||||||
Preferred
stock, $1 par value, authorized 50,000 shares,
|
|||||||
none
issued
|
-
|
-
|
|||||
Common
stock, par value $.25; authorized 4,000,000 shares;
|
|||||||
2,661,209
and 2,671,293 shares
|
|||||||
issued
and outstanding
|
665,302
|
667,823
|
|||||
Additional
paid in capital
|
7,037,270
|
6,939,357
|
|||||
Retained
earnings
|
7,574,181
|
6,840,383
|
|||||
Accumulated
other comprehensive income, net
|
97,225
|
52,479
|
|||||
Total
Stockholders' Equity
|
15,373,978
|
14,500,042
|
|||||
Total
Liabilities and Stockholders’ Equity
|
$
|
27,124,196
|
$
|
23,923,357
|
|||
|
|||||||
Note:
The balance sheet at March 31, 2006 has been derived from the audited
consolidated
|
|||||||
financial
statements included in the Company's Annual Report on Form 10-K for
the
|
|||||||
fiscal
year ended March 31, 2006.
|
|||||||
|
Nine
Months Ended
|
||||||
|
December
31,
|
||||||
2006
|
2005
|
||||||
Cash
flows from operating activities:
|
|||||||
Net
earnings
|
$
|
1,401,621
|
$
|
1,217,086
|
|||
Adjustments
to reconcile net earnings to net
|
|||||||
cash
used in operating activities:
|
|||||||
Change
in accounts receivable and inventory reserves
|
123,529
|
20,813
|
|||||
Depreciation
and amortization
|
478,611
|
509,772
|
|||||
Increase
in cash surrender value of life insurance
|
(42,638
|
)
|
(82,000
|
)
|
|||
Deferred
tax provision
|
(90,626
|
)
|
166,793
|
||||
Net
periodic pension cost
|
6,909
|
(50,658
|
)
|
||||
Warranty
reserve
|
(48,206
|
)
|
135,917
|
||||
Stock
option expense
|
185,864
|
-
|
|||||
Change
in assets and liabilities which provided (used) cash:
|
|||||||
Accounts
receivable
|
(146,997
|
)
|
(5,336,785
|
)
|
|||
Notes
receivable
|
60,862
|
127,350
|
|||||
Income
taxes receivable/payable
|
(225,650
|
)
|
541,316
|
||||
Inventories
|
(3,730,991
|
)
|
(770,747
|
)
|
|||
Prepaid
expenses and other
|
82,714
|
(477,469
|
)
|
||||
Accounts
payable
|
12,374
|
430,901
|
|||||
Accrued
expenses and other current liabilities
|
(640,653
|
)
|
(450,964
|
)
|
|||
Deferred
retirement obligation
|
-
|
(695,354
|
)
|
||||
Total
adjustments
|
(3,974,898
|
)
|
(5,931,115
|
)
|
|||
Net
cash used in operating activities
|
(2,573,277
|
)
|
(4,714,029
|
)
|
|||
Cash
flows from investing activities:
|
|||||||
Capital
expenditures
|
(111,526
|
)
|
(283,752
|
)
|
|||
Net
cash used in investing activities
|
(111,526
|
)
|
(283,752
|
)
|
|||
Cash
flows from financing activities:
|
|||||||
Payments
on aircraft term loan
|
(51,568
|
)
|
(74,409
|
)
|
|||
Net
borrowings on line of credit
|
3,057,763
|
4,434,208
|
|||||
Stock
repurchase
|
(90,472
|
)
|
-
|
||||
Payments
on capital leases
|
(43,402
|
)
|
-
|
||||
Payment
of cash dividend
|
(667,823
|
)
|
(667,633
|
)
|
|||
Net
cash provided by financing activities
|
2,204,498
|
3,692,166
|
|||||
Net
decrease in cash & cash equivalents
|
(480,305
|
)
|
(1,305,615
|
)
|
|||
Cash
and cash equivalents at beginning of period
|
2,702,424
|
3,497,659
|
|||||
Cash
and cash equivalents at end of period
|
$
|
2,222,119
|
$
|
2,192,044
|
|||
Supplemental
disclosure of cash flow information:
|
|||||||
Cash
paid during the period for:
|
|||||||
Interest
|
$
|
135,565
|
$
|
139,642
|
|||
Income
taxes
|
1,139,435
|
87,931
|
|||||
Summary
of significant non-cash information:
|
|||||||
Increase
(decrease) in fair value of marketable securities, net of
tax
|
$
|
86,242
|
$
|
(22,093
|
)
|
||
Leased
equipment transferred to inventory
|
815,293
|
172,059
|
|||||
Increase
in fair value of derivative instruments, net of tax
|
-
|
22,160
|
|||||
See
notes to condensed consolidated financial statements.
|
|
Accumulated
|
||||||||||||||||||
|
Common
Stock
|
Additional
|
|
|
Retained
|
|
|
Other
|
|
|
Total
|
|
|||||||
|
|
|
|
|
|
|
|
|
Paid-In
|
|
|
Earnings
|
|
|
Comprehensive
|
|
|
Stockholders'
|
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Capital
|
|
|
|
|
|
Income,
Net
|
|
|
Equity
|
|
Balance,
March 31, 2005
|
2,671,293
|
$
|
667,823
|
$
|
6,939,357
|
$
|
5,453,105
|
$
|
25,268
|
$
|
13,085,553
|
||||||||
Comprehensive
Income:
|
|||||||||||||||||||
Net
earnings
|
1,217,086
|
||||||||||||||||||
Change
in investment value,
|
|||||||||||||||||||
net
of tax
|
(22,093
|
)
|
|||||||||||||||||
Change
in fair value of
|
|||||||||||||||||||
derivative
instruments, net of tax
|
|
22,160
|
|
||||||||||||||||
Total
Comprehensive Income
|
1,217,153
|
||||||||||||||||||
Cash
dividend
|
|||||||||||||||||||
($0.25
per share)
|
(667,633
|
)
|
(667,633
|
)
|
|||||||||||||||
Balance,
December 31, 2005
|
2,671,293
|
$
|
667,823
|
$
|
6,939,357
|
$
|
6,002,558
|
$
|
25,335
|
$
|
13,635,073
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
|
|
||
|
|
Common
Stock
|
|
Additional
|
|
|
Retained
|
|
|
Other
|
|
|
Total
|
|
|||||
|
|
|
|
|
|
|
|
|
Paid-In
|
|
|
Earnings
|
|
|
Comprehensive
|
|
|
Stockholders'
|
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Capital
|
|
|
|
|
|
Income,
Net
|
|
|
Equity
|
|
Balance,
March 31, 2006
|
2,671,293
|
$
|
667,823
|
$
|
6,939,357
|
$
|
6,840,383
|
$
|
52,479
|
$
|
14,500,042
|
||||||||
Comprehensive
Income:
|
|||||||||||||||||||
Net
earnings
|
1,401,621
|
||||||||||||||||||
Change
in investment value,
|
|||||||||||||||||||
net
of tax
|
|
44,746
|
|
||||||||||||||||
Total
Comprehensive Income
|
1,446,367
|
||||||||||||||||||
-
|
|||||||||||||||||||
-
|
|||||||||||||||||||
Cash
dividend
|
|||||||||||||||||||
($0.25
per share)
|
(667,823
|
)
|
(667,823
|
)
|
|||||||||||||||
Stock
option expense
|
185,864
|
185,864
|
|||||||||||||||||
Stock
repurchase
|
(10,084
|
)
|
(2,521
|
)
|
(87,951
|
)
|
(90,472
|
)
|
|||||||||||
Balance,
December 31, 2006
|
2,661,209
|
$
|
665,302
|
$
|
7,037,270
|
$
|
7,574,181
|
$
|
97,225
|
$
|
15,373,978
|
||||||||
See
notes to condensed consolidated financial statements.
|
|||||||||||||||||||
|
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||
|
December
31,
|
December
31,
|
|||||||||||
2006
|
2005
|
2006
|
2005
|
||||||||||
Net
earnings
|
$
|
303,759
|
$
|
675,228
|
$
|
1,401,621
|
$
|
1,217,086
|
|||||
Basic
and Diluted Net Earnings Per Share
|
$
|
0.11
|
$
|
0.25
|
$
|
0.52
|
$
|
0.46
|
|||||
Weighted
Average Shares Outstanding:
|
|||||||||||||
Basic
|
2,667,932
|
2,671,293
|
2,670,173
|
2,671,293
|
|||||||||
Plus:
Incremental shares from stock options
|
317
|
421
|
366
|
500
|
|||||||||
Diluted
|
2,668,249
|
2,671,714
|
2,670,539
|
2,671,793
|
|
December
31, 2006
|
March
31, 2006
|
|||||
Aircraft
parts and supplies
|
$
|
490,835
|
$
|
621,111
|
|||
Ground
equipment manufacturing:
|
|||||||
Raw
materials
|
9,039,413
|
4,178,451
|
|||||
Work
in process
|
644,904
|
1,270,944
|
|||||
Finished
goods
|
490,050
|
85,672
|
|||||
Total
inventory
|
10,665,202
|
6,156,178
|
|||||
Reserves
|
(624,611
|
)
|
(450,587
|
)
|
|||
Total,
net of reserves
|
$
|
10,040,591
|
$
|
5,705,591
|
|
Three
Months Ended
|
Nine
Months Ended
|
|||||
|
December
31,
|
December
31,
|
|||||
2006
|
2006
|
||||||
Income
before taxes
|
$
|
96,756
|
$
|
185,864
|
|||
Net
Income
|
$
|
58,054
|
$
|
111,518
|
|||
Basic
and Diluted Net
|
|||||||
Earnings
Per Share
|
$
|
0.02
|
$
|
0.04
|
|
Nine
Months Ended
|
|||
|
December
31, 2006
|
|||
Expected
volatility
|
72.63%-85.19%
|
|
||
Expected
dividend yield
|
1.1%-1.90%
|
|
||
Expected
term (in years)
|
2.50-5.00
|
|||
Risk-free
rate
|
3.86%-4.74%
|
|
|
|
Weighted
|
|
|
|
||||||||
|
|
|
|
|
|
Weighted
|
|
|
Average
|
|
|
|
|
|
|
|
|
|
|
Average
|
|
|
Remaining
|
|
|
Aggregate
|
|
|
|
|
|
|
|
Exercise
|
|
|
Contractual
|
|
|
Intrinsic
|
|
|
|
|
Shares
|
|
|
Price
|
|
|
Term
(yrs)
|
|
Value
|
||
Options
|
|||||||||||||
Outstanding
at April 1, 2006
|
17,000
|
$
|
11.02
|
8.51
|
$
|
1,130
|
|||||||
Granted
|
224,000
|
8.37
|
9.64
|
96,330
|
|||||||||
Exercised
|
-
|
-
|
-
|
||||||||||
Forfeited
|
-
|
-
|
-
|
||||||||||
Expired
|
-
|
-
|
|
-
|
|||||||||
Outstanding
at December 31, 2006
|
241,000
|
$
|
8.56
|
9.56
|
$
|
97,460
|
|||||||
Vested
or expected to vest
|
|||||||||||||
at
December 31, 2006
|
17,000
|
11.02
|
8.51
|
(14,340
|
)
|
||||||||
|
|
|
|
||||||||||
Exercisable
at December 31, 2006
|
17,000
|
$
|
11.02
|
8.51
|
$
|
(14,340
|
)
|
||||||
|
Weighted
|
|
|||||
|
|
|
|
|
|
Average
|
|
|
|
|
|
|
|
Grant-Date
|
|
|
|
|
Shares
|
|
|
Fair
Value
|
|
Nonvested
at April 1, 2006
|
15,000
|
$
|
84,915
|
||||
Granted
|
224,000
|
1,099,532
|
|||||
Vested
|
(15,000
|
)
|
(84,915
|
)
|
|||
Forfeited
|
-
|
-
|
|||||
Nonvested
at December 31, 2006
|
224,000
|
1,099,532
|
Three
Months Ended
|
Nine
Months Ended
|
||||||||||||
|
December
31,
|
December
31,
|
|||||||||||
2006
|
2005
|
2006
|
2005
|
||||||||||
Beginning
balance
|
$
|
217,000
|
$
|
210,000
|
$
|
285,000
|
$
|
198,000
|
|||||
Additions
and adjustments to reserve
|
103,000
|
128,000
|
84,000
|
183,000
|
|||||||||
Use
of reserve
|
(83,000
|
)
|
(4,000
|
)
|
(132,000
|
)
|
(47,000
|
)
|
|||||
Ending
balance
|
$
|
237,000
|
$
|
334,000
|
$
|
237,000
|
$
|
334,000
|
|
Three
Months Ended December 31,
|
Nine
Months Ended December 31,
|
|||||||||||
2006
|
2005
|
2006
|
2005
|
||||||||||
Operating
Revenues
|
|||||||||||||
Overnight
Air Cargo
|
$
|
8,844,879
|
$
|
10,549,955
|
$
|
26,067,138
|
$
|
32,469,364
|
|||||
Ground
Equipment:
|
|||||||||||||
Domestic
|
7,769,359
|
7,450,860
|
20,749,600
|
19,775,444
|
|||||||||
International
|
780,293
|
5,413,971
|
1,382,707
|
6,522,144
|
|||||||||
Total
Ground Equipment
|
8,549,652
|
12,864,831
|
22,132,307
|
26,297,588
|
|||||||||
Total
|
$
|
17,394,531
|
$
|
23,414,786
|
$
|
48,199,445
|
$
|
58,766,952
|
|||||
Operating
Income (Loss)
|
|||||||||||||
Overnight
Air Cargo
|
$
|
417,824
|
$
|
426,110
|
$
|
1,240,464
|
$
|
1,926,180
|
|||||
Ground
Equipment
|
745,139
|
1,182,677
|
2,746,472
|
1,679,500
|
|||||||||
Corporate
(1)
|
(637,960
|
)
|
(459,319
|
)
|
(1,804,883
|
)
|
(1,544,573
|
)
|
|||||
Total
|
$
|
525,003
|
$
|
1,149,468
|
$
|
2,182,053
|
$
|
2,061,107
|
|||||
Depreciation
and Amortization
|
|||||||||||||
Overnight
Air Cargo
|
$
|
120,848
|
$
|
126,566
|
$
|
370,200
|
$
|
349,964
|
|||||
Ground
Equipment
|
18,237
|
50,300
|
67,050
|
117,850
|
|||||||||
Corporate
|
14,730
|
11,255
|
41,361
|
41,958
|
|||||||||
Total
|
$
|
153,815
|
$
|
188,121
|
$
|
478,611
|
$
|
509,772
|
|||||
Capital
Expenditures, net
|
|||||||||||||
Overnight
Air Cargo
|
$
|
31,312
|
$
|
54,937
|
$
|
63,087
|
$
|
200,457
|
|||||
Ground
Equipment
|
-
|
24,141
|
-
|
37,030
|
|||||||||
Corporate
|
13,078
|
10,769
|
48,439
|
46,265
|
|||||||||
Total
|
$
|
44,390
|
$
|
89,847
|
$
|
111,526
|
$
|
283,752
|
|||||
|
As
of
|
||||||||||||
|
December
31, 2006
|
March
31, 2006
|
|||||||||||
Identifiable
Assets
|
|||||||||||||
Overnight
Air Cargo
|
$
|
4,955,884
|
$
|
6,298,618
|
|||||||||
Ground
Equipment
|
17,782,313
|
12,620,815
|
|||||||||||
Corporate
|
4,385,999
|
5,003,924
|
|||||||||||
Total
|
$
|
27,124,196
|
$
|
23,923,357
|
|||||||||
(1)
Includes income from inter-segment transactions.
|
|
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||
|
December
31,
|
December
31,
|
|||||||||||
2006
|
2005
|
2006
|
2005
|
||||||||||
Beginning
balance
|
$
|
217,000
|
$
|
210,000
|
$
|
285,000
|
$
|
198,000
|
|||||
Additions
and adjustments to reserve
|
103,000
|
128,000
|
84,000
|
183,000
|
|||||||||
Use
of reserve
|
(83,000
|
)
|
(4,000
|
)
|
(132,000
|
)
|
(47,000
|
)
|
|||||
Ending
balance
|
$
|
237,000
|
$
|
334,000
|
$
|
237,000
|
$
|
334,000
|
AIRT
PURCHASES OF EQUITY SECURITIES
|
|||||||||||||||||||
Period
|
Total
Number of Shares
|
|
|
Average
Price Paid per Share purchased
|
Total
Number of Shares Purchased as Part of Publicly Announced
Program
|
Approximate
Dollar Value of Shares that May Yet Be Purchased Under the
Program
|
|||||||||||||
|
|||||||||||||||||||
October
1, to
|
|||||||||||||||||||
October
31, 2006
|
-
|
-
|
-
|
-
|
|||||||||||||||
November
1, to
|
|||||||||||||||||||
November
30, 2006
|
-
|
-
|
-
|
-
|
|||||||||||||||
December
1, to
|
|||||||||||||||||||
December
31, 2006
|
10,084
|
$
|
8.97
|
10,084
|
$
|
1,909,000
|
|||||||||||||
Total
|
10,084
|
$
|
8.97
|
10,084
|
$
|
1,909,000
|
|||||||||||||
3.1 |
Restated
Certificate of Incorporation, incorporated by reference to
Exhibit 3.1 of the Company’s Quarterly Report on Form 10-Q for the
period ended September 30, 2001
|
3.2 |
By-laws
of the Company, as amended, incorporated by reference to Exhibit 3.2
of the Company’s Annual Report on Form 10-K for the fiscal year ended
March 31, 1996
|
4.1 |
Specimen
Common Stock Certificate, incorporated by reference to Exhibit 4.1 of
the Company’s Annual Report on Form 10-K for the fiscal year ended
March 31, 1994
|
31.1 |
Certification
of Walter Clark
|
31.2 |
Certification
of John Parry
|
32.1 |
Section
1350 Certification
|