AirNet 1Q profit grows
reported Monday a 10 percent gain in first-quarter profit, despite a slip in revenue in its bank services division.
The Columbus-based express-cargo carrier said it earned $1.9 million, or 18 cents a share, compared with $1.7 million, or 17 cents a share, in the same period a year ago.
Sales slid to $41.5 million, from $42.7 million a year earlier, largely due to a 6.4 percent decline in revenue from transporting canceled checks and other bank documents to $26.5 million. A year earlier, bank services brought in $28.3 million in revenue.
The decrease is from what AirNet (AMEX:ANS) has called accelerating trends toward electronic alternatives for transporting time-sensitive bank documents.
A modest 1.5 percent gain in revenue from AirNet's express services division to $14.2 million, from $14 million last year, partially offset downturning revenue from bank contracts, the company said.
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