Air T, Inc. (Air T) (Nasdaq: AIRT) today reported consolidated net earnings of $299,000 ($0.12 per diluted share) for fiscal 2011's first quarter ended June 30, 2010 compared to consolidated net earnings of $1,118,000 ($0.46 per diluted share) for the similar fiscal 2010 period.

Consolidated revenues decreased $3,925,000 (21%) to $15,023,000 for the quarter ended June 30, 2010 compared to the same quarter in the prior fiscal year.  This decrease resulted principally from a $4,177,000 (52%) decrease in ground equipment sales revenue offset by marginal increases in the other two operating segments. The decrease in ground equipment sales revenue was the result of having no sales of deicers to the United States Air Force in the first quarter of fiscal 2011.  We have subsequently received orders from the Air Force which have increased our backlog and which will be delivered in the remainder of this fiscal year.  At June 30, 2010, ground equipment sales backlog was $8.8 million, compared to $14.8 million at June 30, 2009 and $1.4 million at March 31, 2010.  

Walter Clark, Chairman and Chief Executive Officer of Air T, commented, "We are less than satisfied with the overall results of our first quarter and we expect to see improvement in the second quarter as a result of the backlog in place at quarter end.  We are disappointed with the outcome of the recent Delta contract renewal and the loss of a significant and profitable portion of our Global Aviation Services business.  This will have a significant negative impact on that new segment of our business, but we believe we offer a good service and will continue our efforts to expand that business to new customers."

Air T, through its subsidiaries, provides overnight air freight service to the express delivery industry, manufactures and sells aircraft deicers and other special purpose industrial equipment, and provides ground support equipment and facilities maintenance to airlines.  Air T is one of the largest, small-aircraft air cargo operators in the United States.  Air T's Mountain Air Cargo and CSA Air subsidiaries currently operate a fleet of single and twin-engine turbo-prop aircraft daily in the eastern half of the United States, Puerto Rico and the Caribbean Islands.  Air T's Global Ground Support subsidiary manufactures deicing and other specialized military and industrial equipment and is one of the largest providers of deicers in the world.  The Global Aviation Services subsidiary provides ground support equipment and facilities maintenance to domestic airline customers.

For a more detailed presentation and discussion of the Company's results of operations and financial condition, please read the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2010 filed today with the Securities and Exchange Commission.  Copies of the Form 10-Q may be accessed on the Internet at the SEC's website, http://www.sec.gov.

Statements in this press release, which contain more than historical information, may be considered forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995), which are subject to risks and uncertainties.  Actual results may differ materially from those expressed in the forward-looking statements because of important potential risks and uncertainties, including but not limited to the risk that contracts with major customers will be terminated or not extended, uncertainty regarding legal actions against the Company, future economic conditions and their impact on the Company's customers, the timing and amounts of future orders under our recently awarded contract with the United States Air Force, inflation rates, competition, changes in technology or government regulation, and the impact of future terrorist activities in the United States and abroad.  A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances, and those future events or circumstances may not occur.  We are under no obligation, and we expressly disclaim any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE Air T, Inc.

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Animal Airways, the global pet flight & relocation company, is expanding its professional services by upgrading the airline ticketing department. In order to provide families traveling with pets with a comprehensive package for the whole family we are currently scouting worldwide for travel agencies and tour operators

The two main trends leading the field of international pet shipment are global tourism and relocation. While both trends increased continuously over the past few years, this has subsequently created an additional demand for specialized services to pet shipping.

Animal Airways is an integral part of a veterinarian institute, established in order to assist millions of pet owners flying with their pets or shipping them abroad as cargo. Among the company's comprehensive services (that include pre-flight veterinarian support, documents and regulation check, shuttles to and from international airports etc.) we offer a complete "travel kit" for families in which we provide airline tickets for family members and their pets.

Dr. Eytan Kreiner, Animal Airways' head veterinarian: "Being a global company we have the privilege of serving clients from all over the world. We work closely with diplomatic corps, exchanged students, business delegations, NGO members etc. Although our target audience is diverse, every single client is concerned with shipping his pet safely and comfortably. Animal Airways was one of the first companies to recognize this need and offer a professional solution combining: pet's safety, health, comfort and wellbeing".

Speaking on behalf of Animal Airways' board of directors, Dr. Kreiner says that the company is expanding the ticketing department in order to reach new potential clients and improve the services available to the company's regular clients. As part of the re-organization, Animal Airways is seeking new affiliates as we are especially interested in collaboration with travel agencies and travel operators worldwide.

Animal Airways is looking for partners that can provide assistance based on: availability, client orientated conception, global approach and strong connections within the fields of tourism and aviation.

The upgraded ticketing department will provide customers from across the globe with a 24/7 service, offering them not only airline tickets for people and pets but also consultation regarding flight and journey plans, overnight boarding solutions, pet-friendly hotels and resorts, ground services at the airport etc.

Potential candidates are welcome to apply by sending a company profile and reference by colleagues and clients to: info@animalairways.com. We will start the affiliating program with new agents and tour operators by the beginning of September 2010.

    Contact:

    Ayala Bar,
    PR Manager & Business Development - Animal Airways
    UK +44-203-051-4087 USA +1-646-452-9548 Canada +1-647-478-5605
    Mobile +972-05-909-11-47
    info@animalairways.com
    ayala@animalairways.com

    http://WWW.ANIMALAIRWAYS.COM

SOURCE Animal Airways

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With container shipping still roiling in the aftermath of global slowdown and its profound impact on shipping, The Journal of Commerce TPM Asia conference will help make sense of what is happening in the market today. The 4th annual TPM Asia at the Shenzhen Intercontinental Hotel on 19-20 Oct. will present an in-depth program of industry leaders offering their views on the current and future environment in the Asia-Europe, trans-Pacific and intra-Asia container markets.

The event will be attended by more than 75 BCOs as well as a broad-based representation from major carriers, ports, terminals and 3PLs.

"Clearly, even given the global recovery, the container industry is still in a state of turmoil, with carriers committed to restoring profitability and shippers still very much feeling the effects of slow steaming, capacity tightness, rising rates and a shortage of containers," said Peter Tirschwell, TPM Asia program chair and senior vice president for strategy at UBM Global Trade, the parent company of The Journal of Commerce.

The two-day program will open with a series of four keynote speakers followed by a roundtable discussion among the four speakers. The opening keynote speakers will be:

• Bronson Hsieh, Chairman, Evergreen Marine Corp.
• Qing Wang, Managing Director and Chief Economist for Greater China, Morgan Stanley Asia
• Scott C. Larson, Vice-President International Logistics & Customs, The Bon-Ton Stores Inc.
• Luc Jacobs, Senior Vice President for Ocean Freight, head of global FCL business, DHL Global Forwarding

In addition, TPM Asia this year will include special 3-hour intensive regulatory workshop offered to all attendees, focused on U.S. and European container security rules to be attended by a senior official from U.S. Customs and Border Protection.

The full TPM Asia agenda will probe the current state of supply and demand, container availability, and forecasts for how the market will unfold in 2011. It will also address container derivatives as a tool for shippers and carriers to mitigate risk from freight rate volatility. The event will feature these speakers addressing these and other critical issues confronting the industry:

• Edwin Coseteng, head of International Division, IDS, a member of the Li & Fung Group
• Sam Lee, Head of Asian Transportation Research, Credit Suisse
• Aik Meng Eng, President, APL Ltd.
• Philip Damas, Director, Drewry Supply Chain Advisors
• Brian Nixon, Executive Director, Morgan Stanley – Commodities
• Benjamin Gibson, Freight Derivatives Broker, Clarkson Securities Limited
• Charlie Wellins, Vice President – Ocean, Asia Pacific, CEVA Logistics
• Sean Smith, Managing Director, Kerry Teamwork Ltd (unit of Kerry Logistics)
• Edwin Coseteng, Head of International Division, IDS, a member of the Li & Fung Group

"After two days of hearing from the industry's foremost leaders, attendees will come away with a clear picture of how the many forces in the industry are interacting and what it will mean for their business in 2011," Tirschwell said.

To view daily news visit www.joc.com. For all media enquires, including article reprints, please contact Editorial Director Paul Page.

Since 1827, The Journal of Commerce has been the most trusted source of intelligence for international logistics executives to help them plan global supply chains and better manage day-to-day transportation of goods and commodities in the United States and internationally.

To become a member of The Journal of Commerce click here. JOC members have access to our weekly print and digital magazine and Web site, as well as a 10% discount on all JOC events and trade shows, UBM Global Trade Directories and select PIERS products. Authoritative editorial content in the form of daily news, weekly analysis and regular features ensure our members have the information and data necessary to understand the issues facing trucking, rail and maritime transportation. Members enjoy access to "By the Numbers," an exclusive weekly compilation of key industry statistics that provides detailed views of current market trends across all modes. Regular market intelligence reports -- utilizing PIERS trade data -- include Top 100 Imports and Exporters, quarterly Top 40 Container lines, Trans-Pacific and Trans-Atlantic Maritime Forecasts and Top Container Ports and Terminals. Market-sector supplements, including Breakbulk, Cool Cargoes, 3PL, JOC Guide to Trucking and others, ensure all modes are comprehensively covered.  

About UBM Global Trade - UBM Global Trade is the leading provider of proprietary data, news, business intelligence and analytical content supporting commercial maritime, rail, trucking, warehousing and logistics industries worldwide. The company's portfolio of more than 100 online, print and interactive workflow business solutions includes The Journal of Commerce, Breakbulk, RailResource, PIERS Global Intelligence Solutions and an array of international trade and transportation databases and directories. UBM Global Trade, a subsidiary of United Business Media Limited, is headquartered in Newark, NJ, with offices throughout the United States. For more information, explore www.ubmglobaltrade.com or call 800-223-0243 (+1-973-848-7250 outside the U.S. or Canada).

SOURCE The Journal of Commerce

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World Airways, a subsidiary of Global Aviation Holdings Inc., has entered into an agreement to add two leased Boeing 747-400 freighters to its fleet.  The aircraft, scheduled for delivery in December 2010 and February 2011, will grow World's B747-400 freighter fleet to four aircraft.

World is also in the process of reactivating a MD-11 freighter that it had placed into storage in 2009.  This aircraft will enter revenue service in September 2010, and will return World's fuel efficient MD-11 freighter fleet to nine active aircraft.

"By growing our Boeing 747-400 and MD-11 freighter fleet, World Airways will be able meet the strong demand for the multiple applications of our modern, long-range, fuel-efficient freighter service," said Brian Bauer, chief commercial officer.

The Boeing 747-400 freighter has a range of 4,600 miles and payload capacity of 247,000 pounds, which makes it ideal for long-range inter-continental service from Asia to the U.S. and Europe. The MD-11 freighter, with a range of 4,100 miles and payload capacity of 205,000 pounds, is an extremely efficient aircraft for inter-continental service from Europe to North America, Africa and the Middle East.

World Airways, a subsidiary of Global Aviation Holdings Inc., provides customized transportation services for major international passenger and cargo carriers, the United States military, major freight forwarders and international leisure tour operators. Founded in 1948, World operates a fleet of wide-body aircraft to meet the specialized needs of its customers. For information, visit www.worldairways.com.

SOURCE World Airways

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Panther Expedited Services, Inc. today announced that it has filed a registration statement on Form S-1 with the Securities and Exchange Commission relating to a proposed initial public offering of its common stock. The number of shares to be offered and the price range for the offering have not yet been determined. The offered shares will be sold by Panther, and if the underwriters exercise their over-allotment option, by certain selling stockholders. Panther will not receive any of the proceeds from the sale of shares by the selling stockholders.

(Logo: http://www.newscom.com/cgi-bin/prnh/20090810/CL59306LOGO )

(Logo: http://photos.prnewswire.com/prnh/20090810/CL59306LOGO )

J.P. Morgan Securities Inc. and Goldman, Sachs & Co. are the representatives of the underwriters and joint book-running managers. UBS Investment Bank and BB&T Capital Markets will serve as lead managers. WR Securities will serve as co-manager. This offering will be made only by means of a prospectus. When available, a preliminary prospectus relating to the offering may be obtained from:

• J.P. Morgan Securities Inc., 1155 Long Island Avenue, Edgewood, New York 11717, Attn: Broadridge Financial Solutions or telephone: 1-866-803-9204
• Goldman, Sachs & Co., Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile: 1-212-902-9316 or by email: prospectus-ny@ny.email.gs.com

The preliminary prospectus may also be accessed directly from the Securities and Exchange Commission at: www.sec.gov.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About Panther

Panther Expedited Services, Inc. is a leading expedited transportation and premium freight logistics company. Our diversified, non-asset based transportation network of exclusive-use owner operator vehicles, third-party ground carriers, and air and ocean freight forwarders offers single-source shipping solutions for time-sensitive, high-value and service-critical freight, with on-demand pick up and delivery to and from anywhere in the world. Through our proprietary information technology platform, we afford customers optimized shipping alternatives based on time, service level and pricing priorities. Founded in 1992 as a just-in-time supplier focused on the automotive industry, Panther has expanded to provide critical domestic and international supply chain solutions to over 10,000 customers in multiple industry markets during the past twelve months.

SOURCE Panther Expedited Services, Inc.

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