AIR T INC — Director's Dealing 2004

Nov 12, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AIR T INC (Airt)
CIK: 0000353184
Period of Report: 2004-11-10

Reporting Person: Clark Walter (Director, CEO, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-11-10	Common Stock	M	50000	$3.19	Acquired	60922	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-11-10	Stock Option	$3.19	M	50000	Disposed	2004-11-10	Common (50000)	Direct