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<SEC-DOCUMENT>0000353184-08-000027.txt : 20081031
<SEC-HEADER>0000353184-08-000027.hdr.sgml : 20081031
<ACCEPTANCE-DATETIME>20081031080423
ACCESSION NUMBER:		0000353184-08-000027
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20080930
ITEM INFORMATION:		Results of Operations and Financial Condition
FILED AS OF DATE:		20081031
DATE AS OF CHANGE:		20081031

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AIR T INC
		CENTRAL INDEX KEY:			0000353184
		STANDARD INDUSTRIAL CLASSIFICATION:	AIR COURIER SERVICES [4513]
		IRS NUMBER:				521206400
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0309

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-11720
		FILM NUMBER:		081152592

	BUSINESS ADDRESS:	
		STREET 1:		3524 AIRPORT RD
		CITY:			MAIDEN
		STATE:			NC
		ZIP:			28650
		BUSINESS PHONE:		7043772109

	MAIL ADDRESS:	
		STREET 1:		P O BOX 488
		CITY:			DENVER
		STATE:			NC
		ZIP:			28037

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AIR TRANSPORTATION HOLDING CO INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ATLANTA EXPRESS AIRLINE CORP
		DATE OF NAME CHANGE:	19840321
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>pressrelse93008.htm
<DESCRIPTION>AIRT 9/30/08 PRESS RELEASE
<TEXT>
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AND EXCHANGE COMMISSION</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Washington,
DC 20549</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">FORM
8-K</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">CURRENT
REPORT</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date of
Report (Date of earliest event reported)<font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;October 31,
2008</font></font></div>
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INC.</font></font></div>
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Name of Registrant as Specified in its Charter)</font></div>
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52-1206400</font></div>
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&#160;of
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No.)</font></div>
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Airport Road</font></div>
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North Carolina
28650&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>
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464-8741&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>
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Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions (<font style="DISPLAY: inline; FONT-STYLE: italic">see </font>General Instruction A.2.
below):</font></div>
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</font>Written communication pursuant to Rule 425 under the Securities Act (17
CFR 230.425)</a></font></div>
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      pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
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04848.00010</font></div>
        </div>
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</font></div>
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2.02.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Results of Operations and
Financial Condition</font></font></div>
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    <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
October 31, 2008, Air T, Inc. (the &#8220;Company&#8221;) issued a press release announcing
its earnings for the three and six months ended September 30, 2008.&#160;&#160;A
copy of such press release is furnished as Exhibit&#160;99.1
hereto.</font></div>
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9.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Financial Statements and
Exhibits</font>.</font></div>
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      99.1</font></div>
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              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press
      release of Air T, Inc. dated October 31,
2008</font></div>
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Securities Exchange Act of 1934, the Registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly
authorized.</font></div>
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31, 2008</font></div>
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      </font></div>
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            <td>
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      T, INC.</font></div>
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      Parry</font></font></div>
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              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">John
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Secretary</font></div>
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Index</font></font></div>
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      99.1</font></div>
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      release of Air T, Inc. dated October 31,
2008</font></div>
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<DOCUMENT>
<TYPE>EX-99.1
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<DESCRIPTION>PRESS RELEASE OF AIRT, DATED 10/31/08
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Parry</font></div>
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NC&#160;&#160;28650</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 360pt"></font>(828) 464-8741 Ext. 6677</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">FOR
IMMEDIATE RELEASE</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">AIR
T REPORTS UNAUDITED SECOND QUARTER RESULTS</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">MAIDEN,
N.C., October 31, 2008 -- Air T, Inc. (Nasdaq Capital Market: AIRT) today
reported consolidated net earnings of $1,322,000 ($0.55 per diluted share) for
fiscal 2009&#8217;s second quarter ended September 30, 2008, compared to consolidated
net earnings of $538,000 ($0.22 per diluted share) for the second quarter of
fiscal 2008.&#160;&#160;The Company also reported year-to-date earnings for the
six months of $2,662,000 ($1.10 per diluted share) compared to $1,164,000 ($0.47
per diluted share) for the similar fiscal 2008 period.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Consolidated
revenues for fiscal 2009&#8217;s second quarter were $24,012,000, an increase of 38%
compared to the similar 2008 fiscal quarter.&#160;&#160;Consolidated revenues
for the first six months of the 2009 fiscal year were $46,429,000 or 40% higher
than the prior year comparable period.&#160;&#160;Revenues for the quarter and
first half of the fiscal year were boosted by increased maintenance labor rates
and hours in the air cargo segment, a significant increase in the delivery of
deicing units to the military and a significant increase in the delivery of
commercial catering trucks in the ground equipment sales segment and a full
quarter of service revenues from Global Aviation Services. At September 30,
2008, backlog was $18.6 million compared to $25.3 million at March 31, 2008 and
$17.3 million at September 30, 2007.</font></div>
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Clark, Chairman and Chief Executive Officer of Air T, commented, &#8220;We have
experienced two excellent quarters to begin this fiscal year.&#160;&#160;We are
delighted with these quarterly results, but remain cautious about the remainder
of the fiscal year in light of general economic and industry
conditions.&#160;&#160;In these difficult times, we are dedicated to conserving
cash, watching costs, tightening our credit policies and maintaining our
customer and vendor relationships&#8221;.</font></div>
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HIGHLIGHTS</font></div>
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thousands, except per share data)</font></div>
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              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Air T,
through its subsidiaries, provides overnight air freight service to the express
delivery industry, manufactures and sells aircraft deicers and other special
purpose industrial equipment, and provides ground support equipment and
facilities maintenance to airlines.&#160;&#160;Air T is one of the largest,
small-aircraft air cargo operators in the United States.&#160;&#160;Air T&#8217;s
Mountain Air Cargo (MAC) and CSA, Air subsidiaries currently operate a fleet of
single and twin-engine turbo-prop aircraft nightly in the eastern half of the
United States, Puerto Rico and the Caribbean Islands.&#160;&#160;Air T&#8217;s Global
Ground Support subsidiary manufactures deicing and other specialized military
and industrial equipment and is one of the largest providers of deicers in the
world.&#160;&#160;The Global Aviation Services subsidiary provides ground
support equipment and facilities maintenance to domestic airline
customers.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For a
more detailed presentation and discussion of the Company&#8217;s results of operations
and financial condition, please read the Company&#8217;s Quarterly Report on Form 10-Q
for the quarter ended September 30, 2008 to be filed later today with the
Securities and Exchange Commission.&#160;&#160;Copies of the Form 10-Q may be
accessed on the Internet at the SEC&#8217;s website, http://www.sec.gov.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Statements
in this press release, which contain more than historical information, may be
considered forward-looking statements (as such term is defined in the Private
Securities Litigation Reform Act of 1995) which are subject to risks and
uncertainties.&#160;&#160;Actual results may differ materially from those
expressed in the forward-looking statements because of important potential risks
and uncertainties, including but not limited to the risk that contracts with
major customers will be terminated or not extended, uncertainty regarding legal
actions against the Company relating to the collapsed boom at the Philadelphia
airport and the Company&#8217;s legal action against the subcontractor that designed,
manufactured and warranted the deicing booms initially sold by a Company
subsidiary for installation at the Philadelphia airport, future economic
conditions, inflation rates, competition, changes in technology or government
regulation, and the impact of future terrorist activities in the United States
and abroad.&#160;&#160;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.&#160;&#160;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.</font></div>
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