13G Filing: Prescott Group Capital Management and Air Transport Services Group, Inc. (ATSG)

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

SCHEDULE
13G/A

(Amendment No. 7)

(Rule 13d-102)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO

RULES 13d-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED

PURSUANT TO RULE 13d-2(b)

Air Transport
Services Group, Inc.

(Name of Issuer)

Common Stock, Par Value $.01 per share

(Title of Class of Securities)

00922R105

(CUSIP Number)

December 31, 2015

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to
designate the rule pursuant to which this Schedule is filed:

x Rule 13d-1(b)

¨ Rule 13d-1(c)

¨ Rule 13d-1(d)

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SCHEDULE 13G/A

This Amendment No. 7 (this Amendment) to the Schedule 13G (the Schedule 13G) is being filed on behalf of Prescott
Group Capital Management, L.L.C., an Oklahoma limited liability company (Prescott Capital), Prescott Group Aggressive Small Cap, L.P., an Oklahoma limited partnership (Prescott Small Cap), Prescott Group Aggressive Small Cap
II, L.P., an Oklahoma limited partnership (Prescott Small Cap II and together with Prescott Small Cap, the Small Cap Funds), and Mr. Phil Frohlich, the principal of Prescott Capital, relating to shares of Common Stock,
Par Value $.01 per share (the Common Stock), of Air Transport Services Group, Inc., a Delaware corporation (the Issuer).

This Amendment relates to shares of Common Stock of the Issuer purchased by the Small Cap Funds through the account of Prescott Group
Aggressive Small Cap Master Fund, G.P., an Oklahoma general partnership (Prescott Master Fund), of which the Small Cap Funds are general partners. Prescott Capital serves as the general partner of the Small Cap Funds and may direct the
Small Cap Funds, the general partners of Prescott Master Fund, to direct the vote and disposition of the 4,936,333 shares of Common Stock held by Prescott Master Fund. As the principal of Prescott Capital, Mr. Frohlich may direct the vote and
disposition of the 4,936,333 shares of Common Stock held by Prescott Master Fund.

This Amendment amends and restates the Schedule 13G as
follows.

Air Transport Services Group, Inc.

145 Hunter Drive

Wilmington, Ohio 45177

Prescott Group Capital Management, L.L.C. (Prescott
Capital), Prescott Group Aggressive Small Cap, L.P. (Prescott Small Cap), Prescott Group Aggressive Small Cap II, L.P. (Prescott Small Cap II and together with Prescott Small Cap, the Small Cap Funds) and
Mr. Phil Frohlich.

1924 South Utica, Suite
1120

Tulsa, Oklahoma 74104-6529

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Prescott Capital is an Oklahoma limited
liability company. The Small Cap Funds are Oklahoma limited partnerships. Mr. Phil Frohlich is the principal of Prescott Capital and is a U.S. citizen.

Common Stock, Par Value $.01 per share (the Common
Stock).

00922R105

If this statement is filed pursuant to Rule 13d-1(b), or 13d-2(b), check whether
the person filing is a:

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Inapplicable.

Inapplicable.

Inapplicable.

Inapplicable.

Inapplicable.

By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the
securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

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SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true,
complete and correct.

Date: January 29, 2016

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