ATSG Board Increases Share Repurchase Authorization to $100 Million
May 12 2016 - 5:30PM
Business Wire
The Board of Directors of Air Transport Services Group, Inc.
(NASDAQ:ATSG) meeting here today amended its previous share
repurchase authorization to authorize repurchases of up to $100
million of ATSG’s common shares.
On August 5, 2014, the Board authorized the Company to
repurchase up to $50 million of its common shares. Repurchases
under that program commenced in May 2015 and have totaled
approximately $18.3 million to date.
Joe Hete, President and CEO, and a director of ATSG, said, "The
Board’s action today is intended in part to accommodate an
accelerated pace of share repurchases by ATSG to significantly
offset the potential dilutive effect of share issuances from
warrants granted to its customer Amazon.com, Inc. over the next
five years. Those warrants are for the purchase of up to 19.9
percent of ATSG’s common shares through March 2021. The Board also
regards share repurchases as an important capital allocation
alternative for ATSG for the future, as its businesses grow and
deliver greater cash returns."
Board authorization does not require the Company to repurchase a
specific number of shares, and the Board may terminate the
repurchase program at any time. Repurchases may be made from
time-to-time on the open market, or in privately negotiated
transactions. The timing, price and volume of any such repurchases
would be based on market conditions, relevant securities laws and
other factors.
About ATSG
ATSG is a leading provider of aircraft leasing and air cargo
transportation and related services to domestic and foreign air
carriers and other companies that outsource their air cargo lift
requirements. ATSG, through its leasing and airline subsidiaries,
is the world's largest owner and operator of converted Boeing 767
freighter aircraft. Through its principal subsidiaries, including
two airlines with separate and distinct U.S. FAA Part 121 Air
Carrier certificates, ATSG provides aircraft leasing, air cargo
lift, aircraft maintenance services and airport ground services.
ATSG's subsidiaries include ABX Air, Inc.; Airborne Global
Solutions, Inc.; Air Transport International, Inc.; Cargo Aircraft
Management, Inc.; and Airborne Maintenance and Engineering
Services, Inc. For more information, please see
www.atsginc.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20160512006606/en/
Air Transport Services GroupQuint O. Turner, 937-366-2303Chief
Financial Officer
Air Transport Services (NASDAQ:ATSG)
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