MINNEAPOLIS - Air T, Inc. (NASDAQ:AIRT), an established portfolio of businesses and financial assets, has announced the internal promotion of Tracy Kennedy to Chief Financial Officer, effective since last Wednesday. Kennedy has been part of the Air T team for over six years, ascending from Director of Accounting to Corporate Controller, and most recently serving as Chief Accounting Officer.
Nick Swenson, the CEO of Air T, lauded Kennedy's contribution to the company's financial departments, emphasizing her leadership and comprehensive understanding of the company's financials. Swenson expressed confidence in Kennedy's ability to lead the company through its next growth phase, highlighting her commitment to enhancing shareholder value.
Kennedy, in her remarks, shared her enthusiasm for her new role and her plans to leverage her extensive knowledge of Air T's operations to further its success. Her focus remains on creating long-term shareholder value and propelling the company's initiatives.
Air T, Inc., founded in 1980, operates in various sectors including overnight air cargo, ground equipment sales, commercial jet engines and parts, and corporate and other. The company's strategy is to grow and diversify its after-tax cash flow per share, strengthening core businesses and exploring expansion into new industries.
The company has also provided an interactive Q&A platform through Slido.com for stakeholders to submit questions, promising to address all reasonable and relevant queries at their Annual Meeting and through quarterly written responses.
This news is based on a press release statement from Air T, Inc. The company advises caution regarding forward-looking statements, as actual results may differ due to various risks and uncertainties. Air T is committed to managing its cost structure and adapting to changing market conditions while striving to deliver value to all stakeholders.
In other recent news, Air T Inc. has been making significant moves in the aviation industry. The company secured a $10 million loan from Old National Bank to complete the purchase of two Airbus planes, an A320 and an A321, valued at over $18 million. This acquisition, facilitated through its subsidiary CASP Leasing I, LLC, is part of Air T's strategy to expand its aircraft leasing and parts sales business.
In addition, the company held its 2024 Annual Meeting of Stockholders, where 90% of the outstanding shares were represented. Key decisions were made, including the successful election of all director nominees and the approval of executive officers' compensation. Deloitte & Touche LLP was also ratified by the shareholders as the company's independent registered public accounting firm for the fiscal year 2025.
In a recent development, Air T's Chief Financial Officer, Brian Ochocki, is set to step down from his role. His five-year tenure saw significant contributions to the company's growth, with a focus on enhancing finance and accounting operations. Tracy Kennedy, the current Chief Accounting Officer, will oversee the financial operations in the interim. These are the latest developments in the company's ongoing efforts to strengthen its position in the aviation services industry.
InvestingPro Insights
As Air T, Inc. (NASDAQ:AIRT) navigates through its next growth phase under the financial leadership of Tracy Kennedy, investors may find additional context from recent financial data and expert insights.
According to InvestingPro data, Air T's market capitalization stands at $46.37 million, reflecting its position as a smaller player in the diverse sectors it operates. The company's revenue for the last twelve months as of Q1 2023 was $281.81 million, with a modest growth of 5.2% over the same period. This growth aligns with the company's strategy to expand and diversify its cash flow streams across various business segments.
However, profitability remains a challenge for Air T. An InvestingPro Tip highlights that the company has not been profitable over the last twelve months, which is corroborated by the negative P/E ratio of -7.13. This financial metric underscores the importance of Kennedy's role in steering the company towards improved financial performance and shareholder value creation.
On a positive note, another InvestingPro Tip indicates that Air T's liquid assets exceed its short-term obligations, suggesting a solid short-term financial position. This liquidity could provide the company with the flexibility needed to pursue growth initiatives and weather market uncertainties.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and insights. Currently, there are 9 more InvestingPro Tips available for Air T, Inc., which could provide valuable perspective on the company's valuation, financial health, and market performance.
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