Company: AIRTP
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0000353184-25-000073
Chunk: 5

Company: AIR T INC
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 1
Chunk 5
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413 Reclassification of interest rate swaps into earnings— — — — — — 12 — 12 Allocation of comprehensive income from unconsolidated investments— — — — — — 5 — 5 Allocation of comprehensive income to redeemable non-controlling interests— — — — — — (248)— (248)Balance, June 30, 20253,030 $758 328 $(6,404)$987 $494 $(465)$1,712 $(2,918)

(1) Excludes amount attributable to redeemable non-controlling interests in Contrail Aviation Support, LLC ("Contrail") and Shanwick B.V. ("Shanwick")

See notes to condensed consolidated financial statements.

(2) Cumulative translation adjustments were at a loss of $0.8 million as of March 31, 2024 and June 30, 2024, respectively, and a loss of $0.4 million and a gain of $54.0 thousand as of March 31, 2025 and June 30, 2025, respectively.

13

AIR T, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

1.    Financial Statement Presentation

The condensed consolidated financial statements of Air T, Inc. (“Air T”, the “Company”, “we”, “us” or “our”) have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the following disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of the results for the periods presented have been made. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended March 31, 2025. The unaudited results of operations for the period ended June 30, 2025 are not necessarily indicative of the operating results for the full year.The accompanying financial statements have been prepared in accordance with generally accepted accounting principles applicable to a