Air T, Inc. (NASDAQ:AIRT) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On April 18, 2019, Candice Otey, Chief Accounting Officer and Principal Financial Officer of Air T, Inc. (the “Company”), notified the Company that she resigned from her positions, effective immediately. Ms. Otey’s resignation was not the result of any disagreement with the Company.
Upon the effectiveness of Ms. Otey’s resignation, Seth Barkett, a member of the Company’s Board of Directors, was appointed interim Principal Financial Officer and will remain in this position while the Chief Financial Officer search process continues. Seth Barkett will also remain on the Board of Directors. He will receive no additional compensation for acting as interim Principal Financial Officer.
Item 7.01 Regulation FD Disclosure.
The information set forth in Item 8.01 is incorporated by reference herein.
Item 8.01 Other Events.
A significant customer of the Company’s wholly-owned subsidiary, Mountain Air Cargo, Inc. (“MAC”), informed MAC on April 19, 2019 that a strategic realignment would occur in the Caribbean region. The change will affect service provided by MAC in that region and to the planned realignment, MAC assets and services will be transferred to a new carrier. Details of the proposed realignment are still being determined, but MAC presently expects that the transfer will take approximately six (6) months to complete. MAC currently estimates that approximately eleven (11) aircraft will be transitioned to the new carrier. Up to $2,000,000 in revenue and $540,000 in net income are currently estimated to be involved, although these amounts are still uncertain.
About Air T, Inc. (NASDAQ:AIRT)
Air T, Inc. is a holding company. The Company operates through five segments: overnight air cargo, ground equipment sales, ground support services, printing equipment and maintenance, and leasing. The company’s overnight air cargo segment operates in the air express delivery services industry. The ground equipment sales segment manufactures and provides mobile deicers and other specialized equipment products to passenger and cargo airlines, airports, the United States military and industrial customers. The ground support services segment provides ground support equipment maintenance and facilities maintenance services to domestic airlines and aviation service providers. The printing equipment and maintenance segment designs, manufactures and sells advanced digital print production equipment, maintenance contracts, spare parts, supplies and consumable items for these systems. The Company’s leasing segment provides funding for equipment leasing transactions.