|
Cash and cash equivalents
|
|
$5.3m
|
$2.8m
|
$4.8m
|
$12.5m
|
$6.0m
|
$11.0m
|
$5.6m
|
$5.8m
|
$7.1m
|
$5.9m
|
|
Accounts receivable, net of allowance for doubtful accounts of $1,338 and $1,420
|
|
$12.3m
|
$18.9m
|
$15.2m
|
$19.1m
|
$13.1m
|
$6.5m
|
$19.7m
|
$27.2m
|
$22.9m
|
$23.9m
|
|
Income tax receivable
|
|
$720k
|
$403k
|
$1.6m
|
$158k
|
$1.2m
|
$4.4m
|
$3.2m
|
$536k
|
$561k
|
$681k
|
|
Inventories, net
|
|
$12.3m
|
$19.8m
|
$34.2m
|
$30.0m
|
$60.6m
|
$72.0m
|
$75.2m
|
$71.1m
|
$60.7m
|
$38.5m
|
|
Prepaid expenses
|
|
$1.7m
|
$1.7m
|
$1.5m
|
$1.9m
|
—
|
—
|
—
|
$2.5m
|
$2.4m
|
$3.1m
|
|
Other current assets
|
|
—
|
—
|
—
|
$6.1m
|
$5.3m
|
$4.1m
|
$10.1m
|
$7.5m
|
$4.6m
|
$4.5m
|
|
Notes receivable
|
|
$104k
|
$67k
|
$311k
|
$311k
|
$0
|
—
|
—
|
—
|
$0
|
$5.8m
|
|
Total Current Assets
|
|
$39.0m
|
$48.9m
|
$61.7m
|
$71.3m
|
$98.5m
|
$105.8m
|
$128.2m
|
$116.6m
|
$102.9m
|
$78.5m
|
|
Property and equipment, net of accumulated depreciation of $9,240 and $7,705
|
|
$4.6m
|
$5.3m
|
$20.3m
|
$4.8m
|
$5.3m
|
$8.5m
|
$21.2m
|
$21.4m
|
$20.9m
|
$20.3m
|
|
Intangible assets, net of accumulated amortization of $6,330 and $5,119
|
|
$1.1m
|
$1.4m
|
$1.3m
|
$1.2m
|
$749k
|
$1.6m
|
$13.3m
|
$12.1m
|
$11.0m
|
$10.0m
|
|
Goodwill
|
|
$275k
|
$4.4m
|
$4.4m
|
$4.4m
|
$4.2m
|
$4.2m
|
$10.1m
|
$10.6m
|
$10.5m
|
$10.5m
|
|
Right-of-use ("ROU") assets
|
|
—
|
—
|
—
|
$0
|
$8.1m
|
$7.8m
|
$7.4m
|
$11.7m
|
$11.4m
|
$13.3m
|
|
Other assets (includes $0 and $1,909 measured at fair value)
|
|
$318k
|
$372k
|
$421k
|
$491k
|
$366k
|
$7.9m
|
$3.0m
|
$3.9m
|
$3.6m
|
$1.6m
|
|
Marketable securities
|
|
$4.9m
|
$2.1m
|
$290k
|
$1.8m
|
$1.7m
|
$1.4m
|
$859k
|
$0
|
$531k
|
$422k
|
|
Restricted cash
|
|
$821k
|
$890k
|
$270k
|
$123k
|
$9.6m
|
$4.9m
|
$2.8m
|
$1.3m
|
$743k
|
$575k
|
|
Restricted investments
|
|
—
|
—
|
$1.2m
|
$831k
|
$1.1m
|
$1.5m
|
$1.7m
|
$2.2m
|
$1.4m
|
$683k
|
|
Due from Crestone Asset Management, LLC for expense reimbursements
|
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
$2.3m
|
$3.1m
|
$180k
|
|
Assets on lease or held for lease, net of accumulated depreciation of $1,451 and $8
|
|
—
|
—
|
—
|
$25.2m
|
$27.9m
|
$2.1m
|
$14.5m
|
$83k
|
$252k
|
$14.7m
|
|
Equity method investments
|
|
—
|
—
|
$5.0m
|
$5.6m
|
$5.2m
|
$4.5m
|
$9.9m
|
$13.2m
|
$16.7m
|
$19.0m
|
|
Current portion of earnout liability
|
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
$0
|
$430k
|
|
Short-term lease liability
|
|
—
|
—
|
—
|
$0
|
$1.2m
|
$1.4m
|
$1.4m
|
$1.7m
|
$1.8m
|
$2.4m
|
|
Long-term lease liability
|
|
—
|
—
|
—
|
$0
|
$7.5m
|
$7.1m
|
$6.7m
|
$10.8m
|
$10.5m
|
$11.8m
|
|
Long-term earnout liability
|
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
$0
|
$1.1m
|
|
Other non-current liabilities
|
|
$615k
|
$3.0m
|
$786k
|
$597k
|
$1.4m
|
$1.7m
|
$1.3m
|
$47k
|
$0
|
$866k
|
|
Redeemable non-controlling interest
|
|
—
|
$1.4m
|
$2.0m
|
$5.5m
|
$6.1m
|
$6.6m
|
$10.8m
|
$12.7m
|
$13.0m
|
$7.1m
|
|
Non-controlling Interests
|
|
$498k
|
($803k)
|
($875k)
|
($1.0m)
|
$1.0m
|
$989k
|
$1.1m
|
$1.1m
|
$1.1m
|
$1.7m
|
|
Total Air T, Inc. Stockholders' (Deficit) Equity
|
|
$34.8m
|
$23.0m
|
$25.1m
|
$24.4m
|
$24.0m
|
$13.7m
|
$24.6m
|
$11.9m
|
$4.8m
|
($3.2m)
|
|
Total (Deficit) Equity
|
|
$35.3m
|
$22.2m
|
$24.2m
|
$23.4m
|
$25.0m
|
$14.7m
|
$25.7m
|
$13.0m
|
$5.8m
|
($1.5m)
|
|
Total Assets
|
|
$52.2m
|
$65.3m
|
$97.1m
|
$115.1m
|
$151.4m
|
$140.8m
|
$207.6m
|
$189.6m
|
$177.2m
|
$173.8m
|
|
Accounts payable
|
|
$7.0m
|
$11.6m
|
$10.2m
|
$12.6m
|
$10.9m
|
$8.3m
|
$9.4m
|
$10.4m
|
$15.1m
|
$17.8m
|
|
Accrued expenses and other (Note 10)
|
|
$6.8m
|
$8.7m
|
$11.7m
|
$14.2m
|
$13.0m
|
$12.8m
|
$13.4m
|
$13.1m
|
$15.5m
|
$16.7m
|
|
Current portion of long-term debt
|
|
—
|
—
|
$9.2m
|
$24.7m
|
$42.7m
|
$5.6m
|
$6.5m
|
$38.7m
|
$14.4m
|
$10.4m
|
|
Total Current Liabilities
|
|
$15.7m
|
$20.3m
|
$31.2m
|
$52.8m
|
$67.7m
|
$28.2m
|
$30.9m
|
$64.3m
|
$46.8m
|
$47.7m
|
|
Long-term debt
|
|
$5k
|
$18.4m
|
$38.9m
|
$32.9m
|
$43.1m
|
$81.9m
|
$129.3m
|
$86.3m
|
$98.6m
|
$104.5m
|
|
Deferred income tax liabilities, net
|
|
—
|
—
|
—
|
$0
|
$579k
|
$595k
|
$2.8m
|
$2.4m
|
$2.4m
|
$2.2m
|
|
Total Liabilities
|
|
$16.9m
|
$41.7m
|
$70.9m
|
$86.3m
|
$120.3m
|
$119.4m
|
$171.1m
|
$163.9m
|
$158.4m
|
$168.2m
|
|
Preferred stock, $1.00 par value, 2,000,000 shares authorized
|
|
$0
|
$0
|
—
|
$0
|
$0
|
$0
|
$0
|
$0
|
$0
|
$0
|
|
Common stock, $0.25 par value; 4,000,000 shares authorized, 3,030,245 and 3,030,245 shares issued, 2,702,639 and 2,775,163 shares outstanding
|
|
593k
|
511k
|
511k
|
506k
|
756k
|
756k
|
756k
|
757k
|
758k
|
758k
|
|
Treasury stock, 327,606 shares at $19.55 and 256,850 shares at $19.31
|
|
—
|
—
|
—
|
—
|
—
|
—
|
($3.0m)
|
($4.1m)
|
($5.0m)
|
($6.4m)
|
|
Additional paid-in capital
|
|
$4.9m
|
$4.2m
|
$4.2m
|
$2.9m
|
$2.6m
|
$0
|
$393k
|
$728k
|
$859k
|
$947k
|
|
Retained earnings
|
|
$29.4m
|
$18.5m
|
$20.7m
|
$21.2m
|
$23.8m
|
$16.3m
|
$26.7m
|
$13.7m
|
$8.2m
|
$2.1m
|
|
Accumulated other comprehensive loss
|
|
($118k)
|
($212k)
|
($261k)
|
($205k)
|
($537k)
|
($684k)
|
($263k)
|
$816k
|
($80k)
|
($647k)
|
|
Total Liabilities and (Deficit) Equity
|
|
$52.2m
|
$65.3m
|
$97.1m
|
$115.1m
|
$151.4m
|
$140.8m
|
$207.6m
|
$189.6m
|
$177.2m
|
$173.8m
|