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Note 11 - Segment Information | 3 Months Ended
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Jun. 30, 2016
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] |
11. | Segment Information
At June 30, 2016, the Company had five business segments. The overnight air cargo segment, comprised of the Company ’s Mountain Air Cargo, Inc. (“MAC”) and CSA Air, Inc. (“CSA”) subsidiaries, operates in the air express delivery services industry. The ground equipment sales segment, comprised of the Company’s 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. The ground support services segment, comprised of the Company’s Global Aviation Services, LLC (“GAS”) subsidiary, provides ground support equipment maintenance and facilities maintenance services to domestic airlines and aviation service providers. The printing equipment and maintenance segment is comprised of Delphax and its subsidiaries, which was consolidated for financial accounting purposes beginning November 24, 2015. Delphax designs, manufactures and sells advanced digital print production equipment, maintenance contracts, spare parts, supplies and consumable items for these systems. The equipment is sold through Delphax and its subsidiaries located in Canada, the United Kingdom and France. A significant portion of Delphax’s net sales is related to service and support provided after the sale. Delphax has a significant presence in the check production marketplace in North America, Europe, Latin America, Asia and the Middle East. See Note 9 for a discussion of recent market and business developments impacting Delphax. The Company’s leasing segment, comprised of the Company’s Air T Global Leasing, LLC subsidiary (“ATGL”), provides funding for equipment leasing transactions, which includes transactions for the leasing of equipment manufactured by GGS and Delphax and transactions initiated by third parties unrelated to equipment manufactured by the Company or any of its subsidiaries. ATGL commenced operations during the quarter ended December 31, 2015. Each business segment has separate management teams and infrastructures that offer different products and services. The Company evaluates the performance of its business segments based on operating income. In March 2014, the Company formed Space Age Insurance Company (“SAIC”), a captive insurance company licensed in Utah, and initially capitalized with $250,000. SAIC insures risks of the Company and its subsidiaries that were not previously insured by the Company’s insurance programs and underwrites third -party risk through certain reinsurance arrangements. Beginning with the fourth quarter of fiscal year 2016, premiums paid to SAIC by the Company are allocated among the operating segments based on segment revenue and certain identified corporate expenses was allocated to the segments based on the relative benefit of those expenses to each segment. Amounts previously presented for the June quarter of 2015 have been reclassified to conform to the current period allocation of these expenses. Segment data is summarized as follows:
|  | Three Months Ended June 30, |
|  | 2016 |  |  | 2015 |
Operating Revenues: |  |  |  |  |  |  |  |
Overnight Air Cargo |  | $ | 16,637,165 |  |  | $ | 12,889,190 |
Ground Equipment Sales: |  |  |  |  |  |  |  |
Domestic |  |  | 5,386,069 |  |  |  | 1,978,029 |
International |  |  | 1,284,619 |  |  |  | 2,061,208 |
Total Ground Equipment Sales |  |  | 6,670,688 |  |  |  | 4,039,237 |
Ground Support Services |  |  | 6,800,042 |  |  |  | 5,430,093 |
Printing Equipment and Maintenance |  |  |  |  |  |  |  |
Domestic |  |  | 2,232,706 |  |  |  | - |
International |  |  | 977,382 |  |  |  | - |
Total Printing Equipment and Maintenance |  |  | 3,210,088 |  |  |  | - |
Leasing |  |  | 241,770 |  |  |  | - |
Corporate |  |  | 281,926 |  |  |  | 265,209 |
Intercompany |  |  | (3,348,426 | ) |  |  | (265,209 | )
Total |  | $ | 30,493,253 |  |  | $ | 22,358,520 |
Operating Income (Loss): |  |  |  |  |  |  |  |
Overnight Air Cargo |  | $ | 979,177 |  |  | $ | (94,443 | )
Ground Equipment Sales |  |  | 342,320 |  |  |  | (519,171 | )
Ground Support Services |  |  | (110,052 | ) |  |  | (335,456 | )
Printing Equipment and Maintenance |  |  | (6,935,359 | ) |  |  | - |
Leasing |  |  | 107,258 |  |  |  | - |
Corporate |  |  | (931,837 | ) |  |  | (100,029 | )
Intercompany |  |  | (524,989 | ) |  |  | - |
Total |  | $ | (7,073,482 | ) |  | $ | (1,049,099 | )
Capital Expenditures: |  |  |  |  |  |  |  |
Overnight Air Cargo |  | $ | - |  |  | $ | 24,325 |
Ground Equipment Sales |  |  | 19,596 |  |  |  | 125,770 |
Ground Support Services |  |  | 101,411 |  |  |  | 69,401 |
Printing Equipment and Maintenance |  |  | 9,927 |  |  |  | - |
Corporate |  |  | 388,635 |  |  |  | - |
Leasing |  |  | 3,066,500 |  |  |  | - |
Intercompany |  |  | (3,066,500 | ) |  |  | - |
Total |  | $ | 519,569 |  |  | $ | 219,496 |
Depreciation and Amortization: |  |  |  |  |  |  |  |
Overnight Air Cargo |  | $ | 29,209 |  |  | $ | 34,472 |
Ground Equipment Sales |  |  | 47,594 |  |  |  | 95,440 |
Ground Support Services |  |  | 83,436 |  |  |  | 41,232 |
Printing Equipment and Maintenance |  |  | 296,081 |  |  |  | - |
Leasing |  |  | 132,369 |  |  |  | - |
Corporate |  |  | 30,743 |  |  |  | 7,473 |
Intercompany |  |  | (14,351 | ) |  |  | - |
Total |  | $ | 605,081 |  |  | $ | 178,617 |
The elimination of intercompany revenues is related to the sale during the three months ended June 30, 2016 of ten commercial deicing units by GGS to ATGL and two élan printers by Delphax to ATGL and premiums paid to SAIC, and the elimination of intercompany operating income for such period reflects the margins on the sales of those assets, elimination of excess depreciation and amortization related to the margin on those assets, and the premiums paid to SAIC. The assets are held for lease by ATGL.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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