AirNet Systems, Inc. today reported net income of $3.5 million, or $0.35 per diluted share for the three month period ended June 30, 2007, versus $2.0 million, or $0.19 per diluted share, for the same period a year ago.
Total net revenues were $42.2 million for the three months ended June 30, 2007 compared to $44.4 million for the same period last year. A $3.2 million, or 11%, decline in Bank Services revenues compared to the second quarter of 2006 was offset, in part, by increases in Express Services and Aviation Services revenues versus the second quarter 2006. For the first six months of 2007, total net revenues declined 4%, to $83.7 million versus $87.1 million a year ago, primarily due to lower Bank Services net revenues.
For the first six months of 2007, net income was $5.4 million, or $0.53 per diluted share, compared to $3.7 million, or $0.36 per diluted share, a year ago. Net income for the three and six months ended June 30, 2006 included losses from discontinued operations, net of tax, of $(0.1) million, or $(0.01) per common share, and $(0.3) million, or $(0.03) per common share, respectively.
