Company: AIRTP
Filing Date: 2025-06-27
Form Type: 10-K
Source: 0000353184-25-000044
Chunk: 120

Company: AIR T INC
Filing Date: 2025-06-27
Form: 10-K
Item: Item 1A
Chunk 120
---
2024 and March 31, 2025 and the amount of contract liabilities that were recognized as revenue during the year ended March 31, 2025 (in thousands):Outstanding contract liabilitiesOutstanding contract liabilities as of April 1, 2024Recognized as RevenueAs of March 31, 2025$4,199 As of April 1, 2024$4,359 For the year ended March 31, 2025$(3,705)

16.    EMPLOYEE BENEFITS

79

The Company has a 401(k) defined contribution plan covering domestic employees and an 1165(e) defined contribution plan covering Puerto Rico based employees (“Plans”). All employees of the Company are immediately eligible to participate in the Plans. The Company’s contribution to the Plans for the fiscal years ended March 31, 2025 and 2024 was approximately $1.0 million and $0.9 million, respectively, and was recorded in the consolidated statements of income (loss).The Company, in each of the past three years, has paid a discretionary profit sharing bonus in which all employees have participated. Profit sharing expense in fiscal 2025 and 2024 was approximately $3.8 million and $2.2 million, respectively, and was recorded in general and administrative expenses in the consolidated statements of income (loss).

17.    INCOME TAXES

Loss from continuing operations before income taxes as shown in the Consolidated Statements of Income (Loss) consists of the following:Year Ended March 31,20252024Domestic$(4,791)$(3,468)Foreign(197)(487)Total$(4,988)$(3,955)Income tax expense (benefit) attributable to pretax loss from continuing operations consists of (in thousands):Year Ended March 31,20252024Current:Federal$— $23 State166 (226)Foreign557 902 Total current723 699 Deferred:Federal83 126 State(17)(13)Foreign(366)(83)Total deferred(300)30 Total$423 $729 Income tax expense attributable to pretax loss from continuing operations differed from the amounts computed by applying the U.S. Federal income tax rate of 21.0% to pretax loss from continuing operations as follows (in thousands): 

80

Year Ended March 31,20252024Expected Federal income tax benefit U.S. statutory rate$(1,048)