Get the free 2012 Annual Report - Air T, Inc.

To Our Stockholders: This past fiscal year, which ended March 31, 2012, was a difficult year for Air T as a whole. Earnings declined to $0.55 per diluted share from $0.87 for the prior fiscal year.

As such, we remain committed to operating Air T with a strong business philosophy. As of June 30, 2012, we were still at risk of bankruptcy. We do not intend to restructure this business or declare bankruptcy. We recognize some credit risks from the losses that we have incurred in the past. To help protect our interests, we have borrowed funds in the past, to the extent possible, through an intercompany loan facility. As a result of these past obligations, our balance sheet as of June 30, 2012, is substantially less risky than it was as of December 31, 2011, and we are less reliant upon credit markets for funding than we were then. However, at this time, there may be a lack of a source of financing for our operations and as such this credit risk does not materially change our financial condition or results of operations. Because of the risk surrounding credit protection, we have not maintained any credit insurance, and we do not provide any financing for the operation of our business. Any deterioration of our financial position could adversely affect our business. Air T is a new company. We have a limited history of operations in the industry, including approximately two years of operations in the U.S. and the European Union. It is anticipated that our first major operational activities as a result of our proposed merger with American Airlines will occur in the fourth quarter of 2012. 6 Tables of Contents Other Than Financial Information Other than financial information set forth in this section, information contained in our Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other publicly filed documents, including the certificate of incorporation and bylaws of the Company, is incorporated herein. We are not obligated to provide you any other or additional information, whether this information is stated in these documents or not, or disclosed otherwise, that is not contained in these documents. Information that we have prepared and filed and that we currently believe is not material to you may, within the time period covered by this report, be considered material. We assume no obligation to update such information, and are not obligated to disclose any such information in the event it is materially different from that which is furnished to you herein, nor are we obligated to provide any information in respect of a potential transaction if the transaction is otherwise contrary to, or could have a material adverse effect on, our business, financial condition, results of operations, or cash flows.

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