X |
Quarterly
Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934 for the quarterly period ended September 30,
2009
|
Transition
Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934 for the transition period from _____to
_____
|
AIR
T, INC. AND SUBSIDIARIES
|
|||||
QUARTERLY
REPORT ON FORM 10-Q
|
|||||
TABLE
OF CONTENTS
|
|||||
PAGE #
|
|||||
PART
I
|
|||||
Item
1.
|
Financial
Statements
|
||||
Condensed
Consolidated Statements of Income
|
3 | ||||
Three
Months and Six Months Ended September 30, 2009 and 2008
(Unaudited)
|
|||||
Condensed
Consolidated Balance Sheets
|
4 | ||||
September
30, 2009 (Unaudited) and March 31, 2009
|
|||||
|
|||||
Condensed
Consolidated Statements of Cash Flows
|
5 | ||||
Six
Months Ended September 30, 2009 and 2008 (Unaudited)
|
|||||
Condensed
Consolidated Statements of Stockholders’ Equity and Comprehensive
Income
|
6 | ||||
Six
Months Ended September 30, 2009 and 2008 (Unaudited)
|
|||||
|
|||||
Notes
to Condensed Consolidated Financial Statements (Unaudited)
|
7 | ||||
Item
2.
|
Management's
Discussion and Analysis of Financial Condition and Results of
Operations
|
11 | |||
Item
3.
|
Quantitative
and Qualitative Disclosures About Market Risk
|
17 | |||
Item
4(T)
|
Controls
and Procedures
|
17 | |||
PART
II
|
|||||
Item
1.
|
Legal
Proceedings
|
17 | |||
Item
4.
|
Submission
of Matters to a Vote of Security Holders
|
17 | |||
Item
6
|
Exhibits
|
18 | |||
Signatures
|
19 | ||||
Exhibit
Index
|
20 | ||||
Certifications
|
21 | ||||
Three
Months Ended September 30,
|
Six
Months Ended September 30,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Operating
Revenues:
|
||||||||||||||||
Overnight
air cargo
|
$ | 9,814,199 | $ | 11,560,980 | $ | 18,602,675 | $ | 21,016,544 | ||||||||
Ground
equipment sales
|
8,092,702 | 10,709,743 | 16,195,521 | 22,050,748 | ||||||||||||
Ground
support services
|
2,234,887 | 1,741,598 | 4,291,899 | 3,361,606 | ||||||||||||
20,141,788 | 24,012,321 | 39,090,095 | 46,428,898 | |||||||||||||
Operating
Expenses:
|
||||||||||||||||
Flight-air
cargo
|
4,444,922 | 5,302,006 | 8,280,391 | 10,040,781 | ||||||||||||
Maintenance-air
cargo
|
3,908,095 | 4,531,386 | 7,273,917 | 7,587,878 | ||||||||||||
Ground
equipment sales
|
6,209,186 | 8,115,827 | 11,960,912 | 16,159,375 | ||||||||||||
Ground
support services
|
1,580,039 | 1,267,160 | 3,085,775 | 2,509,601 | ||||||||||||
General
and administrative
|
2,561,488 | 2,666,232 | 5,212,007 | 5,809,696 | ||||||||||||
Depreciation
and amortization
|
107,466 | 111,265 | 211,364 | 222,603 | ||||||||||||
18,811,196 | 21,993,876 | 36,024,366 | 42,329,934 | |||||||||||||
Operating
Income
|
1,330,592 | 2,018,445 | 3,065,729 | 4,098,964 | ||||||||||||
Non-operating
Expense (Income):
|
||||||||||||||||
Gain
on retirement plan settlement
|
- | - | (8,460 | ) | - | |||||||||||
Interest
expense
|
3,241 | 22,512 | 16,920 | 35,734 | ||||||||||||
Investment
income
|
(27,530 | ) | (40,220 | ) | (54,579 | ) | (58,173 | ) | ||||||||
Other
|
2,826 | 339 | 2,826 | 339 | ||||||||||||
(21,463 | ) | (17,369 | ) | (43,293 | ) | (22,100 | ) | |||||||||
Earnings
Before Income Taxes
|
1,352,055 | 2,035,814 | 3,109,022 | 4,121,064 | ||||||||||||
Income
Taxes
|
505,000 | 714,000 | 1,144,000 | 1,459,000 | ||||||||||||
Net
Earnings
|
$ | 847,055 | $ | 1,321,814 | $ | 1,965,022 | $ | 2,662,064 | ||||||||
Basic
and Diluted Net Earnings Per Share
|
$ | 0.35 | $ | 0.55 | $ | 0.81 | $ | 1.10 | ||||||||
Dividends
Declared Per Share
|
$ | - | $ | - | $ | 0.33 | $ | 0.30 | ||||||||
Weighted
Average Shares Outstanding:
|
||||||||||||||||
Basic
|
2,424,486 | 2,424,115 | 2,424,486 | 2,423,812 | ||||||||||||
Diluted
|
2,428,033 | 2,437,653 | 2,424,486 | 2,424,929 | ||||||||||||
See
notes to condensed consolidated financial statements.
|
September
30, 2009
|
March
31, 2009
|
|||||||
ASSETS
|
(Unaudited)
|
|||||||
Current
Assets:
|
||||||||
Cash
and cash equivalents
|
$ | 2,802,262 | $ | 6,852,713 | ||||
Short-term
investments
|
1,002,477 | 1,002,221 | ||||||
Accounts
receivable, less allowance for
|
||||||||
doubtful
accounts of $141,000 and $111,000
|
9,780,554 | 6,253,007 | ||||||
Notes
and other non-trade receivables-current
|
268,953 | 292,744 | ||||||
Income
tax receivable
|
270,000 | 117,000 | ||||||
Inventories
|
9,864,816 | 9,830,956 | ||||||
Deferred
income taxes
|
634,000 | 599,000 | ||||||
Prepaid
expenses and other
|
304,904 | 317,153 | ||||||
Total
Current Assets
|
24,927,966 | 25,264,794 | ||||||
Property
and Equipment, net
|
1,488,998 | 1,607,840 | ||||||
Deferred
Income Taxes
|
333,000 | 638,000 | ||||||
Cash
Surrender Value of Life Insurance Policies
|
1,465,442 | 1,431,440 | ||||||
Notes
and Other Non-Trade Receivables-LongTerm
|
305,932 | 314,295 | ||||||
Other
Assets
|
87,968 | 84,968 | ||||||
Total
Assets
|
$ | 28,609,306 | $ | 29,341,337 | ||||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||
Current
Liabilities:
|
||||||||
Accounts
payable
|
$ | 2,800,165 | $ | 3,021,074 | ||||
Accrued
compensation to executive
|
950,000 | |||||||
Accrued
expenses
|
2,678,894 | 3,135,698 | ||||||
Current
portion of long-term obligations
|
12,673 | 462,708 | ||||||
Total
Current Liabilities
|
5,491,732 | 7,569,480 | ||||||
Long-term
Obligations
|
68,709 | 18,619 | ||||||
Stockholders'
Equity:
|
||||||||
Preferred
stock, $1.00 par value, 50,000 shares authorized,
|
- | - | ||||||
Common
stock, $.25 par value; 4,000,000 shares authorized,
|
||||||||
2,424,486
shares issued and outstanding
|
606,121 | 606,121 | ||||||
Additional
paid in capital
|
6,176,015 | 6,045,330 | ||||||
Retained
earnings
|
16,266,729 | 15,101,787 | ||||||
Total
Stockholders' Equity
|
23,048,865 | 21,753,238 | ||||||
Total
Liabilities and Stockholders’ Equity
|
$ | 28,609,306 | $ | 29,341,337 | ||||
See
notes to condensed consolidated financial statements.
|
Six
Months Ended September 30,
|
||||||||
2009
|
2008
|
|||||||
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net
earnings
|
$ | 1,965,022 | $ | 2,662,064 | ||||
Adjustments
to reconcile net earnings to net
|
||||||||
cash
(used in) provided by operating activities:
|
||||||||
(Gain)
Loss on sale of assets
|
2,826 | (16,275 | ) | |||||
Change
in accounts receivable and inventory reserves
|
29,790 | (118,425 | ) | |||||
Depreciation
and amortization
|
211,364 | 222,603 | ||||||
Change
in cash surrender value of life insurance
|
(34,002 | ) | (34,002 | ) | ||||
Deferred
income taxes
|
270,000 | (112,277 | ) | |||||
Periodic
pension cost
|
- | 51,258 | ||||||
Gain
on retirement plan settlement
|
(8,460 | ) | - | |||||
Warranty
reserve
|
(28,612 | ) | 63,000 | |||||
Compensation
expense related to stock options
|
130,685 | 169,660 | ||||||
Change
in operating assets and liabilities:
|
||||||||
Accounts
receivable
|
(3,557,337 | ) | 2,147,926 | |||||
Notes
receivable and other non-trade receivables
|
32,155 | 6,576 | ||||||
Inventories
|
(32,146 | ) | (3,328,368 | ) | ||||
Prepaid
expenses and other
|
8,992 | 30,320 | ||||||
Accounts
payable
|
(220,909 | ) | (47,823 | ) | ||||
Accrued
expenses
|
(428,193 | ) | 76,808 | |||||
Accrued
compensation to executive
|
(941,540 | ) | - | |||||
Income
taxes receivable
|
(153,000 | ) | 22,669 | |||||
Total
adjustments
|
(4,718,387 | ) | (866,350 | ) | ||||
Net
cash (used in) provided by operating activities
|
(2,753,365 | ) | 1,795,714 | |||||
CASH
FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Proceeds
from sale of investments
|
- | 6,679,235 | ||||||
Purchase
of investments
|
- | (6,663,595 | ) | |||||
Capital
expenditures
|
(97,062 | ) | (100,865 | ) | ||||
Net
cash used in investing activities
|
(97,062 | ) | (85,225 | ) | ||||
CASH
FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Proceeds
from line of credit, net
|
63,028 | - | ||||||
Aircraft
term loan payments
|
(450,035 | ) | (56,533 | ) | ||||
Payment
of cash dividend
|
(800,080 | ) | (727,050 | ) | ||||
Payment
on capital leases
|
(12,937 | ) | (9,417 | ) | ||||
Proceeds
from exercise of stock options
|
- | 6,375 | ||||||
Net
cash used in financing activities
|
(1,200,024 | ) | (786,625 | ) | ||||
NET
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
|
(4,050,451 | ) | 923,864 | |||||
CASH
AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
|
6,852,713 | 51,858 | ||||||
CASH
AND CASH EQUIVALENTS AT END OF PERIOD
|
$ | 2,802,262 | $ | 975,722 | ||||
SUPPLEMENTAL
DISCLOSURE OF CASH FLOW INFORMATION:
|
||||||||
Cash
paid during the period for:
|
||||||||
Interest
|
$ | 19,723 | $ | 29,985 | ||||
Income
taxes
|
1,027,000 | 1,548,416 | ||||||
See
notes to condensed consolidated financial statements.
|
Common
Stock
|
Additional
|
Other
|
Total
|
|||||||||||||||||||||
Paid-In
|
Retained
|
Comprehensive
|
Stockholders'
|
|||||||||||||||||||||
Shares
|
Amount
|
Capital
|
Earnings
|
Income
(Loss)
|
Equity
|
|||||||||||||||||||
Balance,
March 31, 2008
|
2,423,506 | $ | 605,876 | $ | 5,700,002 | $ | 11,450,192 | $ | (41,513 | ) | $ | 17,714,557 | ||||||||||||
Net
earnings
|
2,662,064 | |||||||||||||||||||||||
Other
comprehensive income,
|
||||||||||||||||||||||||
net
of tax
|
9,821 | |||||||||||||||||||||||
Comprehensive
Income
|
2,671,885 | |||||||||||||||||||||||
Cash
dividend ($0.30 per share)
|
(727,050 | ) | (727,050 | ) | ||||||||||||||||||||
Exercise
of stock options
|
1,000 | 250 | 6,125 | 6,375 | ||||||||||||||||||||
Compensation
expense related to
|
||||||||||||||||||||||||
stock
options
|
169,660 | 169,660 | ||||||||||||||||||||||
Balance,
September 30, 2008
|
2,424,506 | $ | 606,126 | $ | 5,875,787 | $ | 13,385,206 | $ | (31,692 | ) | $ | 19,835,427 | ||||||||||||
Accumulated
|
||||||||||||||||||||||||
Common
Stock
|
Additional
|
Other
|
Total
|
|||||||||||||||||||||
Paid-In
|
Retained
|
Comprehensive
|
Stockholders'
|
|||||||||||||||||||||
Shares
|
Amount
|
Capital
|
Earnings
|
Income
|
Equity
|
|||||||||||||||||||
Balance,
March 31, 2009
|
2,424,486 | $ | 606,121 | $ | 6,045,330 | $ | 15,101,787 | $ | - | $ | 21,753,238 | |||||||||||||
Net
earnings
|
1,965,022 | |||||||||||||||||||||||
Other
comprehensive income
|
- | |||||||||||||||||||||||
Comprehensive
Income
|
1,965,022 | |||||||||||||||||||||||
Cash
dividend ($0.33 per share)
|
(800,080 | ) | (800,080 | ) | ||||||||||||||||||||
Compensation
expense related to
|
||||||||||||||||||||||||
stock
options
|
130,685 | 130,685 | ||||||||||||||||||||||
Balance,
September 30, 2009
|
2,424,486 | $ | 606,121 | $ | 6,176,015 | $ | 16,266,729 | $ | - | $ | 23,048,865 | |||||||||||||
See
notes to condensed consolidated financial statements.
|
1.
|
Financial Statement
Presentation
|
2.
|
Income
Taxes
|
3.
|
Comprehensive
Income
|
Three
Months Ended September 30,
|
Six
Months Ended September 30,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Net
earnings
|
$ | 847,055 | $ | 1,321,814 | $ | 1,965,022 | $ | 2,662,064 | ||||||||
Other
Comprehensive Income:
|
||||||||||||||||
Amortization
of Net Actuarial Losses (Net
|
||||||||||||||||
of
tax)
|
- | 6,049 | - | 9,821 | ||||||||||||
Total
Comprehensive Income
|
$ | 847,055 | $ | 1,327,863 | $ | 1,965,022 | $ | 2,671,885 | ||||||||
4.
|
Net Earnings Per
Share
|
Three
Months Ended September 30,
|
Six
Months Ended September 30,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Net
earnings
|
$ | 847,055 | $ | 1,321,814 | $ | 1,965,022 | $ | 2,662,064 | ||||||||
Basic
and Diluted Net Earnings Per Share
|
$ | 0.35 | $ | 0.55 | $ | 0.81 | $ | 1.10 | ||||||||
Weighted
Average Shares Outstanding:
|
||||||||||||||||
Basic
|
2,424,486 | 2,424,115 | 2,424,486 | 2,423,812 | ||||||||||||
Diluted
|
2,428,033 | 2,437,653 | 2,424,486 | 2,424,929 |
5.
|
Inventories
|
September
30,
|
March
31,
|
|||||||
2009
|
2009
|
|||||||
Aircraft
parts and supplies
|
$ | 131,196 | $ | 151,833 | ||||
Ground
equipment manufacturing:
|
||||||||
Raw
materials
|
7,905,023 | 6,935,490 | ||||||
Work
in process
|
1,176,193 | 2,439,072 | ||||||
Finished
goods
|
1,234,477 | 886,634 | ||||||
Total
inventories
|
10,446,889 | 10,413,029 | ||||||
Reserves
|
(582,073 | ) | (582,073 | ) | ||||
Total,
net of reserves
|
$ | 9,864,816 | $ | 9,830,956 |
6.
|
Stock Based
Compensation
|
7.
|
Recent Accounting
Pronouncements
|
8.
|
Fair Value of
Financial Instruments
|
Fair
Value Measurements at
|
||||||||
September
30, 2009
|
March
31, 2009
|
|||||||
Cash
and cash equivalents
|
$ | 2,802,262 | $ | 6,852,713 | ||||
Short-term
investments
|
$ | 1,002,477 | $ | 1,002,221 |
9.
|
Financing
Arrangements
|
|
|
10.
|
Segment
Information
|
Three
Months Ended September 30,
|
Six
Months Ended September 30,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Operating
Revenues:
|
||||||||||||||||
Overnight
Air Cargo
|
$ | 9,814,199 | $ | 11,560,980 | $ | 18,602,675 | $ | 21,016,544 | ||||||||
Ground
Equipment Sales:
|
||||||||||||||||
Domestic
|
5,045,182 | 8,849,333 | 12,030,007 | 19,153,428 | ||||||||||||
International
|
3,047,520 | 1,860,410 | 4,165,514 | 2,897,320 | ||||||||||||
Total
Ground Equipment Sales
|
8,092,702 | 10,709,743 | 16,195,521 | 22,050,748 | ||||||||||||
Ground
Support Services
|
2,234,887 | 1,741,598 | 4,291,899 | 3,361,606 | ||||||||||||
Total
|
$ | 20,141,788 | $ | 24,012,321 | $ | 39,090,095 | $ | 46,428,898 | ||||||||
Operating
Income
|
||||||||||||||||
Overnight
Air Cargo
|
$ | 605,133 | $ | 936,398 | $ | 1,399,944 | $ | 1,777,826 | ||||||||
Ground
Equipment Sales
|
951,190 | 1,594,990 | 2,307,722 | 3,674,057 | ||||||||||||
Ground
Support Services
|
309,949 | 194,509 | 565,291 | 129,134 | ||||||||||||
Corporate
|
(535,680 | ) | (707,452 | ) | (1,207,228 | ) | (1,482,053 | ) | ||||||||
Total
|
$ | 1,330,592 | $ | 2,018,445 | $ | 3,065,729 | $ | 4,098,964 | ||||||||
Capital
Expenditures:
|
||||||||||||||||
Overnight
Air Cargo
|
$ | 22,085 | $ | 1,275 | $ | 34,585 | $ | 15,620 | ||||||||
Ground
Equipment Sales
|
- | 3,580 | 20,436 | 7,185 | ||||||||||||
Ground
Support Services
|
- | 34,105 | 13,555 | 40,048 | ||||||||||||
Corporate
|
- | - | 28,486 | 38,012 | ||||||||||||
Total
|
$ | 22,085 | $ | 38,960 | $ | 97,062 | $ | 100,865 | ||||||||
Depreciation
and Amortization:
|
||||||||||||||||
Overnight
Air Cargo
|
$ | 52,972 | $ | 67,545 | $ | 106,147 | $ | 137,414 | ||||||||
Ground
Equipment Sales
|
13,280 | 9,670 | 25,148 | 22,397 | ||||||||||||
Ground
Support Services
|
27,478 | 23,208 | 54,222 | 43,152 | ||||||||||||
Corporate
|
13,736 | 10,842 | 25,847 | 19,640 | ||||||||||||
Total
|
$ | 107,466 | $ | 111,265 | $ | 211,364 | $ | 222,603 | ||||||||
As
of :
|
||||||||||||||||
September
30, 2009
|
March
31, 2009
|
|||||||||||||||
Identifiable
Assets:
|
||||||||||||||||
Overnight
Air Cargo
|
$ | 4,078,779 | $ | 6,779,257 | ||||||||||||
Ground
Equipment Sales
|
17,691,358 | 12,299,439 | ||||||||||||||
Ground
Support Services
|
2,251,954 | 2,231,834 | ||||||||||||||
Corporate
|
4,587,215 | 8,030,807 | ||||||||||||||
Total
|
$ | 28,609,306 | $ | 29,341,337 |
11.
|
Commitments and
Contingencies
|
12.
|
Deferred Retirement
Obligation
|
13.
|
Subsequent
Events
|
(In
thousands)
|
|
||||||||||||||||||||||
Three
Months Ended September 30,
|
Six
Months Ended September 30,
|
||||||||||||||||||||||
2009
|
2008
|
2009
|
2008
|
||||||||||||||||||||
Overnight
Air Cargo Segment:
|
|||||||||||||||||||||||
FedEx
|
$ | 9,814 | 49 | % | $ | 11,561 | 48 | % | $ | 18,602 | 48 | % | $ | 21,017 | 45 | % | |||||||
Ground
Equipment Sales Segment:
|
|||||||||||||||||||||||
Military
|
1,763 | 9 | % | 2,462 | 10 | % | 7,636 | 19 | % | 11,258 | 25 | % | |||||||||||
Commercial
- Domestic
|
3,282 | 16 | % | 6,388 | 27 | % | 4,394 | 11 | % | 7,896 | 17 | % | |||||||||||
Commercial
- International
|
3,048 | 15 | % | 1,860 | 8 | % | 4,166 | 11 | % | 2,897 | 6 | % | |||||||||||
8,093 | 40 | % | 10,710 | 45 | % | 16,196 | 41 | % | 22,051 | 48 | % | ||||||||||||
Ground
Support Services Segment
|
2,235 | 11 | % | 1,741 | 7 | % | 4,292 | 11 | % | 3,361 | 7 | % | |||||||||||
$ | 20,142 | 100 | % | $ | 24,012 | 100 | % | $ | 39,090 | 100 | % | $ | 46,429 | 101 | % |
Six
Months Ended September 30,
|
||||||||
2009
|
2008
|
|||||||
Net
Cash Provided by (Used in) Operating Activities
|
$ | (2,753,000 | ) | $ | 1,796,000 | |||
Net
Cash Used in Investing Activities
|
(97,000 | ) | (85,000 | ) | ||||
Net
Cash Used in Financing Activities
|
(1,200,000 | ) | (787,000 | ) | ||||
Net
Increase (Decrease) in Cash and Cash Equivalents
|
$ | (4,050,000 | ) | $ | 924,000 |
Nominee
|
Shares Voted For
|
Shares Voted Withheld
|
|
Walter
Clark
|
1,807,854
|
277,682
|
|
John
Parry
|
1,786,718
|
298,818
|
|
William
H. Simpson
|
1,807,829
|
277,707
|
|
Sam
Chesnutt
|
2,031,117
|
54,419
|
|
Allison
T. Clark
|
1,786,930
|
298,606
|
|
George
C. Prill
|
1,788,226
|
297,310
|
|
Dennis
A. Wicker
|
2,022,062
|
63,474
|
|
J.
Bradley Wilson
|
2,043,198
|
42,338
|
Shares Voted For
|
Shares Voted Against
|
Shares Cast to Abstain
|
||
2,040,891
|
27,355
|
17,290
|
|
(a) Exhibits
|
3.1
|
Restated
Certificate of Incorporation and Certificate of Amendment to Certificate
of Incorporation dated September 25, 2008, incorporated by reference to
Exhibit 3.1 of the Company’s Quarterly Report on Form 10-Q for the fiscal
period ended September 30, 2008 (Commission file No.
0-11720)
|
3.2
|
By-laws
of the Company, as amended, incorporated by reference to Exhibit 3.2
of the Company’s Annual Report on Form 10-K for the fiscal year ended
March 31, 1996 (Commission file No.
0-11720)
|
4.1
|
Specimen
Common Stock Certificate, incorporated by reference to Exhibit 4.1 of
the Company’s Annual Report on Form 10-K for the fiscal year ended
March 31, 1994 (Commission file No.
0-11720)
|
10.1
|
Amendment
No. 1 to Loan Agreement dated as of September 22, 2009 between the Company
and its subsidiaries and Bank of America, N.A. amending Loan Agreement
dated September 18, 2007, incorporated by reference to Exhibit 10.1 to the
Company’s Current Report on Form 8-K dated September 28, 2009 (Commission
file No. 0-11720)
|
31.1
|
Section
302 Certification of Chief Executive
Officer
|
31.2
|
Section
302 Certification of Chief Financial
Officer
|
32.1
|
Section
1350 Certifications
|
|
3.1
|
Restated
Certificate of Incorporation and Certificate of Amendment to Certificate
of Incorporation dated September 25, 2008, incorporated by reference to
Exhibit 3.1 of the Company’s Quarterly Report on Form 10-Q for the fiscal
period ended September 30, 2008 (Commission file No.
0-11720)
|
|
3.2
|
By-laws
of the Company, as amended, incorporated by reference to Exhibit 3.2
of the Company’s Annual Report on Form 10-K for the fiscal year ended
March 31, 1996 (Commission file No.
0-11720)
|
4.1
|
Specimen Common Stock Certificate, incorporated by reference to
Exhibit 4.1 of the Company’s Annual Report on Form 10-K for the
fiscal year ended March 31, 1994 (Commission file No.
0-11720)
|
10.1
|
Amendment No. 1 to Loan Agreement dated as of September 22, 2009 between
the Company and its subsidiaries and Bank of America, N.A. amending Loan
Agreement dated September 18,
2007, incorporated by reference to Exhibit 10.1 to the Company’s
Current Report on Form 8-K dated September 28, 2009 (Commission
file No. 0-11720)
|