AIRNET POSTS LOSS
Airnet Systems, an express company specializing in the delivery of bank
checks, posted an $774,000 loss in the first quarter, compared to a $2.9
million gain last year.
Without a $2.5 million one-time charge, Airnet would have earned $1.7
million for the quarter — a 41 percent year-over-year drop.
Revenue increased 15 percent to $30.5 million. But expenses rose 24.7
percent to $27.0 million, reducing operating profit to $3.5 million from
$4.9 million a year earlier.