Tax benefits helped the air courier AirNet Systems Inc. report a strong increase in first-quarter profit despite a sharp decline in its check delivery business.
The Columbus, Ohio, company reported Monday that revenue had dropped 8% from the year earlier, to $38.2 million, and income from operations was halved, to $1 million.
However, it also recorded an $8.3 million tax benefit in the quarter, which helped produce net income of $9.3 million, or 90 cents per share.
AirNet's bank services unit, which delivers paper checks for settlement, reported, a 15% drop in revenue, to $22.5 million, as the amount of checks carried fell 35%. (AirNet also delivers American Banker).
This will probably be the company's last quarterly report. It is being purchased by the private-equity company Brown, Gibbons, Lang & Co. AirNet has scheduled a shareholder meeting in June to vote on the deal, which is expected to close this quarter.
