DENVER, N.C., Oct. 13, 2017 /PRNewswire/ — Air T, Inc. (Air T) (NASDAQ: AIRT) today reported a consolidated net loss attributable to Air T, Inc. stockholders of $3,214,000 ($1.51 per diluted share) for fiscal 2017, which ended March 31, 2017, compared to restated consolidated net income attributable to Air T, Inc. stockholders of $4,414,000 ($1.84 per diluted share) for fiscal 2016.
Consolidated revenues increased by $260,000 to $148,472,000 for the fiscal year ended March 31, 2017 compared to $148,212,000 in the prior fiscal year. Air T is reporting an operating loss of $3,101,000 for the fiscal year ended March 31, 2017, as compared to the $6,032,000 operating income generated in the prior fiscal year.
Ground equipment sales segment revenue decreased by $19,728,000 (39%) for fiscal 2017 compared to the prior fiscal year. The decrease in the segment’s revenue is attributable primarily to the large order of deicers from a major airline in the prior year that did not reoccur in the 2017 fiscal year. Operating income for the ground equipment sales segment, pre-intercompany eliminations, decreased by $4,108,000 (63%) to $2,379,000 for the 2017 fiscal year as a result of the decrease in revenue compared to the prior fiscal year. At March 31, 2017, ground equipment sales’ backlog was $2.8 million, as compared to $10.0 million at March 31, 2016.
Revenues in the overnight air cargo segment increased by $1,331,000 (2%) for fiscal 2017 compared to the prior fiscal year. This increase in the segment’s revenue is attributable to increased administrative fees paid under dry-lease agreements which became effective on June 1, 2015 and impacted the segment’s revenue for the full fiscal year 2017 compared to only ten months in the prior fiscal year. Somewhat offsetting the increased administrative fees, the segment’s maintenance revenues decreased as a result of lower pass-through maintenance revenues. Operating income for the air cargo segment decreased by $560,000 from the prior fiscal year due to higher operating costs not passed through to the customer, principally attributable to increased flight crew costs.
Revenues in the ground support services segment increased $5,619,000 (23%) primarily as a result of growth in new markets and services offered to new and existing customers. Operating results for the ground support services segment improved by $535,000 from the prior year to an operating loss of $501,000 for fiscal 2017 as increased revenues began to offset the costs of infrastructure improvements made