SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) September 1, 2004 AIR T, INC. (Exact Name of Registrant as Specified in its Charter) Delaware 0-11720 52-1206400 (State or Other Jurisdiction (Commission File Number) (I.R.S. Employer of Incorporation) Identification No.) 3524 Airport Road Maiden, North Carolina 28650 (Address of Principal Executive Offices) (Zip Code) (704) 377-2109 (Registrant's Telephone Number, Including Area Code) Not Applicable (Former name or former address, if changed from last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d- 2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e- 4(c) under the Exchange Act (17 CFR 240.13e-4c)) Item 1.01. Entry into a Material Definitive Agreement On September 1, 2004, Air T, Inc. (the "Company") signed a promissory note amending its $7,000,000 secured long-term revolving credit line to extend its expiration date to August 31, 2006. In order to more closely match the credit line's limits to the Company's financing needs in light of its current cash balances, the Company agreed to reduce the credit line's limit to $3,500,000 from September 1, 2004 to December 31, 2004. A copy of the September 1, 2004 promissory note is attached hereto as Exhibit 10.1 and incorporated herein by reference. The description of the promissory note contained herein is qualified in its entirety by the terms of the promissory note incorporated herein by reference. Item 9.01. Financial Statements and Exhibits. (c) Exhibits Exhibit 10.1 Promissory note dated as of September 1, 2004 of the Company and its subsidiaries in favor of Bank of America N.A. . SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: October 25, 2004 AIR T, INC. By: /s/ John J. Gioffre John J. Gioffre, Vice President-Finance and Secretary Exhibit Index Exhibit Description Exhibit 10.1 Promissory note dated as of September 1, 2004 of the Company and its subsidiaries in favor of Bank of America N.A.