U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549


FORM 12b-25

NOTIFICATION OF LATE FILING

(Check One):

X  Form 10-K and Form 10-KSB
   Form 20-F
   Form 11-K
   Form 10-Q and Form 10-QSB
   Form N-SAR

For Period Ended:  March 31, 2003

     Transition Report on Form 10-K
     Transition Report on Form 20-F
     Transition Report on Form 11-K
     Transition Report on Form 10-Q
     Transition Report on Form N-SAR
For the Transition Period Ended:



     Nothing in this form shall be construed to imply that the
Commission has verified any information contained herein.

     If the notification relates to a portion of the filing
checked above, identify the Item(s) to which the notification relates:

Part I - Registrant Information

Full Name of Registrant:     Air T, Inc.
Former Name if Applicable:     N/A
Address of Principal Executive Office
   (street and number):           3524 Airport Road
City, State and Zip Code     Maiden, North Carolina 28650
Part II- Rules 12b-25(b) and (c)


If the subject report could not be filed without unreasonable
effort or expense and the registrant seeks relief pursuant
to Rule 12b-25(b), the following should be completed.
(Check box if appropriate)

X     (a) The reasons described in reasonable detail in
           Part III of this form could not be eliminated
           without unreasonable effort or expense;

X     (b) The subject annual report, semi-annual report,
           transition report on Form 10-K, Form 20-F,
           11-K or Form N-SAR, or portion thereof will be
           filed on or before the fifteenth calendar day
           following the prescribed due date; or the
           subject quarterly report or transition report
           on Form 10-Q, or portion thereof will be filed
           on or before the fifth calendar day following
            the prescribed due date; and

       (c)The accountant's statement or other exhibit
          required by Rule 12b-25(c) has been attached
          if applicable.


Part III - Narrative

     Significant changes to the Registrant's annual report,
principally as a result of its management's agreement
during the fourth quarter of the fiscal year ended March 31,
2003 to a plan to sell assets of its aviation service
sector business and to discontinue that segment of its
business, including the appropriate treatment of the
discontinued operation under recent accounting pronouncements,
have delayed the preparation of the annual report.  On
June 19, 2003, the Registrant entered into a letter of intent
to sell these assets.  The negotiation of the terms of the
letter of intent further delayed the preparation of the annual
report.


Part IV - Other Information

     (1)     Name and telephone number of person to contact
in regard to this notification:


John J. Gioffre          (704)         377-2109 (ext. 215)
    (Name)            (Area Code)        (Telephone Number)


     (2)     Have all other periodic reports required
under section 13 or 15(d) of the Securities Exchange Act
of 1934 or section 30 of the Investment Company Act of
1940 during the preceding 12 months or for such shorter
period that the registrant was required to file such
report(s) been filed?  If the answer is no, identify
report(s).

       X   Yes        No

     (3)     Is it anticipated that any significant change
in results of operations from the corresponding period for
the last fiscal year will be reflected by the earnings
statements to be included in the subject report or portion
thereof?

       X   Yes        No

     A summary of the Registrant's results of operation for
the fiscal years ended March 31, 2003 and 2002 was presented
in the Registrant's press release dated July 1, 2003
included as Exhibit 99.1 to the Registrant's Current Report
on Form 8-K dated July 1, 2003, which is incorporated by
reference herein.  As set forth in that press release, for
the fiscal year ended March 31, 2003, revenues from
continuing operations decreased to $42.9 million from $59.6
million in 2002 and the Registrant reported a net loss of $1.2
million, or ($0.45) per share, from net earnings of $1.3
million, or $0.45 per share, in 2002.

Air T, Inc.
(Name of Registrant as specified in charter)

has caused this notification to be signed on its behalf by the
undersigned thereunto duly authorized.

Date:  July 1, 2003     By:     Air T, Inc.


          By:          /s/ John J. Gioffre
               John J. Gioffre, Chief Financial Officer




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