Revenues, Adjusted Earnings and Adjusted
EBITDA increase by double-digit percentage amounts
Air Transport Services Group, Inc. (Nasdaq: ATSG), the leading
provider of medium wide-body aircraft leasing, contracted air
transportation and related services, today reported consolidated
financial results for the quarter ended March 31, 2019. Results as
compared with the first quarter of 2018 include:
- Customer revenues were $348.2
million, up $145.1 million, or 71 percent.Omni Air
International, acquired in November 2018, contributed $135.8
million to external ATSG revenues, reflected in revenues of the
ACMI Services segment.
- GAAP Earnings from Continuing
Operations were $22.6 million, $7.0 million higher than the prior
period. GAAP Earnings per Share diluted were $0.25, down
$0.01.Offsetting the first quarter revenue gain were increases
in interest expense, depreciation and amortization expense, and
unrealized losses from derivative interest rate revaluations. Other
factors were increases in non-cash unrealized losses related to
warrants issued to Amazon, and non-cash increases in the
non-service component of retiree benefit costs.
- Adjusted Earnings from Continuing
Operations (non-GAAP) increased 26 percent to $26.0 million.
Adjusted Earnings Per Share (non-GAAP) were $0.37 diluted, up
$0.07.Adjusted Earnings from Continuing Operations and Adjusted
EPS exclude elements from GAAP results that in management's opinion
differ distinctly in predictability among periods or are not
closely related to operations. Adjustments from GAAP include
warrant value revaluations, interest rate derivative revaluations,
and non-service retiree benefit costs.
- Adjusted EBITDA from Continuing
Operations (non-GAAP) were $113.8 million, up $41.9 million, or 58
percent.
- Capital spending was $91.9 million,
up 16 percent.Capital expenditures in the first quarter of 2019
included $70.5 million for the purchase of four Boeing 767 aircraft
and for freighter modification costs.
Adjusted Earnings per Share, Adjusted Earnings from Continuing
Operations and Adjusted EBITDA from Continuing Operations are
non-GAAP financial measures and are defined in the non-GAAP
reconciliation tables at the end of this release. (See also the
paragraphs entitled "Accounting Standards" and "Non-GAAP Financial
Measures")
Joe Hete, President and Chief Executive Officer of ATSG, said
that first quarter revenues and earnings benefited from additional
flying for the Department of Defense and other customers, and from
the deployment of freighter aircraft to lease customers during
2018. Those results, he said, provide a solid basis for continued
growth in 2019 as additional Boeing 767 aircraft are converted to
freighters and deployed to customers in the second half.
Accordingly, ATSG is raising its Adjusted EBITDA guidance for 2019
to $450 million.
“Our acquisition of Omni Air, and recent agreements with our
largest commercial customers, Amazon and DHL, add years of
contracted revenue streams from aircraft leasing and from
operations by our airlines and related service businesses,” Hete
said. “Our customers are focused on transport options that offer
optimal combinations of reliability, flexibility, and
cost-efficiency, with a particular emphasis on speed. In response,
we continue to add aircraft options, including the Boeing 777 via
Omni, and a converted freighter variant of the Airbus A321-200
aircraft we are developing through our joint venture with
Precision.”
Segment Results
Cargo Aircraft Management (CAM)
CAM
First Quarter ($ in thousands)
2019 2018 Aircraft leasing and related
revenues $ 74,577 $ 56,602 Lease incentive amortization (4,227 )
(4,226 ) Total CAM revenues 70,350 52,376 Segment earnings, pretax
16,174 15,464
Significant Developments:
- CAM's revenues, net of warrant-related
lease incentives, increased 34 percent. First quarter revenues
benefited from ten more converted freighters in service versus the
first quarter of 2018, including one completed and leased to Air
Transport International in January 2019, and a full quarter of
revenues from eleven Omni Air passenger aircraft that CAM acquired
and leased back to Omni Air in November 2018.
- CAM’s owned in-service fleet at March
31, 2019 comprised seventy-eight cargo aircraft and eleven
passenger aircraft. Fifty-nine were leased to external customers,
seven more than the prior year. Eight 767s were awaiting or
undergoing conversion to freighters, including four acquired during
the first quarter of 2019.
- CAM’s pretax earnings for the quarter
were $16.2 million, up 5 percent. In addition to gains from
additional aircraft leases, earnings reflected a $5.4 million
increase in allocated interest expense, and a $9.9 million increase
in depreciation expense largely due to the increase in CAM's fleet
via acquisition and organic growth.
ACMI Services
ACMI Services
First Quarter ($ in thousands)
2019 2018 Revenues
$ 257,956 $ 119,374 Segment earnings, pretax
12,310 3,415
Significant Developments:
- Revenues more than doubled to $258.0
million, principally due to a $135.8 million contribution from Omni
Air.
- Pretax earnings were $12.3 million, up
from $3.4 million, reflecting increased block hours flown for the
Department of Defense. Earnings were adversely affected by $3.0
million in unscheduled engine maintenance expense. Segment costs
for scheduled airframe maintenance checks were lower than a year
ago.
- Total block hours increased 24 percent
from last year's first quarter principally due to the addition of,
and growth in, Omni's ACMI and charter operations.
- Segment earnings now reflect allocated
interest expense. Those first quarter amounts were $6.5 million in
2019 and $0.5 million in 2018. The increase is related to debt
associated with the Omni Air acquisition.
Other Activities
Due to growth in ATSG's consolidated revenues and earnings,
ATSG's MRO Services segment is no longer reported as a separate
segment. Accordingly, results of MRO businesses are now reported
under the Other Activities category.
Other
First Quarter ($ in thousands)
2019 2018 Revenues from
external customers $ 48,621 $ 47,779 Revenues from internal
billings 18,741 24,119 Pretax Earnings
1,903 3,718
Significant Developments:
- Total revenues from other activities of
$67.4 million decreased by $4.5 million, or 6 percent, although
revenues from external customers increased $0.8 million versus the
prior-year period. In 2018, internal revenues were higher for
maintenance services on the Company's fleet, as more aircraft
transitioned to new leases.
- Pretax earnings fell $1.8 million, or
49 percent. Factors include termination of ATSG’s support of U.S.
Postal Service sort facilities in the third quarter of 2018, and
lower quarterly results from ATSG’s minority interest in
Sweden-based West Atlantic, a European air carrier.
Outlook
ATSG now projects that its Adjusted EBITDA for 2019 will grow
sharply from $312 million in 2018 to $450 million in 2019. Nearly
all of CAM's freighter deployments this year will be in the second
half. As a result, most of the Adjusted EBITDA growth that stems
from aircraft leasing will occur later in the year.
"Our strong 2019 start coupled with recent guidance from our
largest customers on their flying requirements for the balance of
the year is allowing us to increase our full-year Adjusted EBITDA
guidance,” Hete said. “Along with indications for heavier
second-half flying schedules, however, we now project that the $1.5
million in ramp-up costs we projected in February will increase to
$7 million, most of which will be incurred in the second quarter.
We continue to anticipate leasing at least nine 767 freighters
during 2019, including five we have contracted to deploy with
Amazon and at least four with United Parcel Service."
ATSG projects that 2019 capital expenditures will increase to
approximately $475 million in 2019, principally to purchase and
modify Boeing 767 aircraft for freighter deployments. The revised
plan, also based on our latest customer demand projections,
includes the purchases of four more 767s in 2019 than we indicated
last quarter for modification and delivery by early 2020.
Hete added that "We already have customers for six aircraft for
deployment in 2020, including five 767s for Amazon.”
ATSG also expects to continue investing in its joint venture
with Precision for development of a freighter variant of the Airbus
A321-200. ATSG's contributions to the venture are likely to
approximate $12 million during 2019, with the goal of FAA approval
in early 2020 of the certificate application to produce the new
freighters.
Accounting Standards
On January 1, 2019, ATSG adopted new accounting rules related to
lease transactions that result in the recognition of right-of-use
(“ROU”) assets and lease liabilities on its balance sheet. ROU
assets represent the lessee's right to use the leased asset for the
lease term and lease liabilities represent the obligation to make
operating lease payments. Operating lease ROU assets and
liabilities are recognized at commencement date based on the
present value of lease payments over the lease term. ATSG's
consolidated balance sheet for the period ended March 31, 2019,
reflects the recognition of ROU assets and related lease
liabilities. The changes did not have a significant impact on
ATSG's consolidated statement of operations or consolidated
statement of cash flows.
On January 1, 2019, new accounting rules for share-based
payments granted to non-employees became effective, while rules
previously applied by ATSG for share-based payments granted to a
customer were replaced. These rule changes impacted the accounting
for warrants granted to Amazon in conjunction with the investment
agreement reached with Amazon in December 2018. Applying the rules
changes through a cumulative-effect adjustment resulted in the
recognition of $176.9 million for warrant liabilities, $100.1
million for customer incentives and $71.4 million to retained
earnings as of January 1, 2019.
Non-GAAP Financial Measures
This release, including the attached tables, contains non-GAAP
financial measures that management uses to evaluate historical
results. Management believes that these non-GAAP measures assist in
highlighting operational trends, facilitate period-over-period
comparisons, and provide additional clarity about events and trends
affecting core operating performance. Disclosing these non-GAAP
measures provides insight to investors about additional metrics
that management uses to evaluate past performance and prospects for
future performance. Non-GAAP measures are not a substitute for
GAAP. The non-GAAP financial measures are reconciled to GAAP
results in tables later in this release.
Annual Meeting of Stockholders
ATSG's 2019 Annual Meeting of Stockholders will be held on
May 9, 2019, at 11:00 a.m. Eastern time at The Roberts Centre
in Wilmington, Ohio. Stockholders are expected to consider and vote
on, among other items, the election of directors to the Board,
ratification of the selection of auditors for 2019, an advisory
vote on executive compensation, and changes regarding the calling
of special meetings of shareholders. In addition, shareholders will
consider an increase in the number of authorized shares of the
Company and other measures related to the issuance of additional
warrants to Amazon for the purchase of ATSG shares.
Conference Call
ATSG will host a conference call on May 8, 2019, at 10 a.m.
Eastern time to review its financial results for the first quarter
of 2019. Participants should dial (800) 708-4540 and
international participants should dial (847) 619-6397 ten
minutes before the scheduled start of the call and ask for
conference pass code 48600999. The call will also be webcast
live (listen-only mode) via www.atsginc.com. A replay of the
conference call will be available by phone on May 8, 2019,
beginning at 2 p.m. and continuing through May 15, 2019, at
(888) 843-7419 (international callers (630) 652-3042;
use pass code 48600999#. The webcast replay will remain
available via www.atsginc.com for 30 days.
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
three airlines with separate and distinct U.S. FAA Part 121 Air
Carrier certificates, ATSG provides aircraft leasing, air cargo
lift, passenger ACMI and charter services, aircraft maintenance
services and airport ground services. ATSG's subsidiaries include
ABX Air, Inc.; Airborne Global Solutions, Inc.; Airborne
Maintenance and Engineering Services, Inc., including its
subsidiary, Pemco World Air Services, Inc.; Air Transport
International, Inc.; Cargo Aircraft Management, Inc.; and Omni Air
International, LLC. For more information, please see
www.atsginc.com.
Except for historical information contained herein, the matters
discussed in this release contain forward-looking statements that
involve risks and uncertainties. A number of important factors
could cause Air Transport Services Group's (ATSG's) actual results
to differ materially from those indicated by such forward-looking
statements. These factors include, but are not limited to, changes
in market demand for our assets and services; our operating
airlines' ability to maintain on-time service and control costs;
the cost and timing with respect to which we are able to purchase
and modify aircraft to a cargo configuration; fluctuations in
ATSG's traded share price, which may result in mark-to-market
charges on certain financial instruments; the number, timing and
scheduled routes of our aircraft deployments to customers, changes
in general economic and/or industry specific conditions; and other
factors that are contained from time to time in ATSG's filings with
the U.S. Securities and Exchange Commission, including its Annual
Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers
should carefully review this release and should not place undue
reliance on ATSG's forward-looking statements. These
forward-looking statements were based on information, plans and
estimates as of the date of this release. ATSG undertakes no
obligation to update any forward-looking statements to reflect
changes in underlying assumptions or factors, new information,
future events or other changes.
AIR TRANSPORT SERVICES GROUP, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF EARNINGS(In
thousands, except per share data)
Three Months Ended March 31,
2019 2018 REVENUES $ 348,183 $ 203,040
OPERATING EXPENSES Salaries, wages and benefits 99,341 70,783
Depreciation and amortization 62,637 40,004 Maintenance, materials
and repairs 44,738 36,866 Fuel 34,750 5,788 Contracted ground and
aviation services 15,598 2,384 Travel 20,098 6,632 Landing and ramp
3,048 1,148 Rent 3,753 3,230 Insurance 1,911 1,357 Transaction fees
373 — Other operating expenses 15,408 7,205 301,655
175,397 OPERATING INCOME 46,528 27,643 OTHER INCOME
(EXPENSE) Net loss on financial instruments 4,500 (885 ) Interest
expense (17,390 ) (5,362 ) Non-service component of retiree benefit
(costs) credits (2,351 ) 2,045 Loss from non-consolidated affiliate
(3,816 ) (2,536 ) Interest income 96 23 (18,961 )
(6,715 ) EARNINGS FROM CONTINUING OPERATIONS BEFORE
INCOME TAXES 27,567 20,928 INCOME TAX EXPENSE (4,933 ) (5,246 )
EARNINGS FROM CONTINUING OPERATIONS 22,634 15,682
EARNINGS FROM DISCONTINUED OPERATIONS, NET OF TAX 31
196 NET EARNINGS $ 22,665 $ 15,878
EARNINGS PER SHARE - CONTINUING OPERATIONS Basic $ 0.38 $ 0.27
Diluted $
0.25
$ 0.26 WEIGHTED AVERAGE SHARES - CONTINUING OPERATIONS Basic
58,838 58,840 Diluted 60,437 59,558
Certain historical expenses have been reclassified to conform to
the presentation above.
AIR TRANSPORT SERVICES GROUP, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(In thousands,
except share data)
March 31, December 31,
2019 2018 ASSETS CURRENT ASSETS: Cash and cash
equivalents $ 49,407 $ 59,322 Accounts receivable, net of allowance
of $2,998 in 2019 and $1,444 in 2018 133,995 147,755 Inventory
32,750 33,536 Prepaid supplies and other 23,225 18,608
TOTAL CURRENT ASSETS 239,377 259,221 Property and
equipment, net 1,569,840 1,555,005 Lease incentive 159,629 63,780
Goodwill and acquired intangibles 536,229 535,359 Operating lease
assets 50,586 — Other assets 76,301 57,220
TOTAL
ASSETS $ 2,631,962 $
2,470,585 LIABILITIES AND STOCKHOLDERS’
EQUITY CURRENT LIABILITIES: Accounts payable $ 117,408 $
109,843 Accrued salaries, wages and benefits 40,258 50,932 Accrued
expenses 11,821 19,623 Current portion of debt obligations 34,707
29,654 Current portion of lease obligations 16,558 — Unearned
revenue 21,381 19,082 TOTAL CURRENT LIABILITIES
242,133 229,134 Long term debt 1,373,426 1,371,598 Stock warrant
obligations 372,476 203,782 Post-retirement obligations 62,233
64,485 Long term lease obligations 32,631 — Other liabilities
44,875 51,905 Deferred income taxes 113,374 113,243
STOCKHOLDERS’ EQUITY: Preferred stock, 20,000,000 shares
authorized, including 75,000 Series A Junior Participating
Preferred Stock — —
Common stock, par value $0.01 per share;
110,000,000 shares authorized; 59,351,326and 59,134,173 shares
issued and outstanding in 2019 and 2018, respectively
594 591 Additional paid-in capital 471,245 471,158 Retained
earnings 7,358 56,051 Accumulated other comprehensive loss (88,383
) (91,362 ) TOTAL STOCKHOLDERS’ EQUITY 390,814 436,438
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $
2,631,962 $ 2,470,585
AIR TRANSPORT SERVICES GROUP, INC. AND
SUBSIDIARIESPRETAX EARNINGS AND ADJUSTED PRETAX EARNINGS
SUMMARYFROM CONTINUING OPERATIONSNON-GAAP RECONCILIATION(In
thousands)
Three Months Ended March 31,
2019 2018 Revenues CAM Aircraft
leasing and related revenues $ 74,577 $ 56,602 Lease incentive
amortization (4,227 ) (4,226 )
Total CAM 70,350 52,376
ACMI Services 257,956 119,374
Other Activities 67,362
71,898
Total Revenues 395,668 243,648
Eliminate internal revenues (47,485 ) (40,608 )
Customer
Revenues $ 348,183 $ 203,040
Pretax Earnings (Loss) from Continuing
Operations CAM, inclusive of interest expense 16,174
15,464
ACMI Services, inclusive of interest expense 12,310
3,415
Other Activities 1,903 3,718
Net, unallocated
interest expense (780 ) (293 )
Net loss on financial
instruments 4,500 (885 )
Other non-service components of
retiree benefit (costs) credits, net (2,351 ) 2,045
Transaction fees (373 ) —
Non-consolidated affiliate
(3,816 ) (2,536 )
Earnings from Continuing Operations before
Income Taxes (GAAP)
$ 27,567 $
20,928 Adjustments to Pretax Earnings Add
non-service components of retiree benefit costs (credits), net
2,351 (2,045 ) Add loss from non-consolidated affiliates 3,816
2,536 Add transaction fees 373 — Add lease incentive amortization
4,227 4,226 Add net loss on financial instruments (4,500 ) 885
Adjusted Pretax Earnings (non-GAAP)
$
33,834 $ 26,530
Revenues recorded for reimbursed expenses reflect certain
revenues that were reported during 2017, prior to the adoption in
2018 of Accounting Standards Update No. 2014-09, “Revenue from
Contracts with Customers (Topic 606).” The adoption of Topic 606
resulted in the netting of these revenues with the directly
reimbursed expenses for 2018 financial reporting. This application
of Topic 606 did not affect the Company's earnings.
Adjusted Pretax Earnings excludes certain items included in GAAP
based pretax earnings (loss) from continuing operations because
they are distinctly different in their predictability among periods
or not closely related to our operations. Presenting this measure
provides investors with a comparative metric of fundamental
operations, while highlighting changes to certain items among
periods. Adjusted Pretax Earnings should not be considered an
alternative to Earnings from Continuing Operations Before Income
Taxes or any other performance measure derived in accordance with
GAAP.
AIR TRANSPORT SERVICES GROUP, INC. AND
SUBSIDIARIESADJUSTED EARNINGS FROM CONTINUING OPERATIONS BEFORE
INTEREST, TAXES, DEPRECIATION AND AMORTIZATIONNON-GAAP
RECONCILIATION(In thousands)
Three Months Ended March 31,
2019 2018 Earnings from Continuing
Operations Before Income Taxes $ 27,567 $ 20,928 Interest
Income (96 ) (23 ) Interest Expense 17,390 5,362 Depreciation and
Amortization 62,637 40,004
EBITDA from Continuing
Operations (non-GAAP) $ 107,498 $ 66,271 Add non-service
components of retiree benefit costs (credits), net 2,351 (2,045 )
Add losses for non-consolidated affiliates 3,816 2,536 Add
acquisition related transaction fees 373 — Add lease incentive
amortization 4,227 4,226 Add net (gain) loss on financial
instruments (4,500 ) 885
Adjusted EBITDA
(non-GAAP) $ 113,765 $
71,873
Management uses Adjusted EBITDA to assess the performance of its
operating results among periods. It is a metric that facilitates
the comparison of financial results of underlying operations.
Additionally, these non-GAAP adjustments are similar to the
adjustments used by lenders in the Company’s Senior Credit
Agreement to assess financial performance and determine the cost of
borrowed funds. The adjustments also exclude the non-service cost
components of retiree benefit plans because they are not closely
related to ongoing operating activities. Management presents EBITDA
from Continuing Operations, a commonly referenced metric, as a
subtotal toward computing Adjusted EBITDA.
EBITDA from Continuing Operations is defined as Earnings (Loss)
from Continuing Operations Before Income Taxes plus net interest
expense, depreciation, and amortization expense. Adjusted EBITDA is
defined as EBITDA from Continuing Operations less financial
instrument revaluation gains or losses, non-service components of
retiree benefit costs including pension plan settlements,
amortization of lease incentive costs recorded in revenue, and
costs from non-consolidated affiliates.
Adjusted EBITDA and EBITDA from Continuing
Operations are non-GAAP financial measures and should not be
considered as alternatives to Earnings from Continuing Operations
Before Income Taxes or any other performance measure derived in
accordance with GAAP. Adjusted EBITDA and EBITDA from Continuing
Operations should not be considered in isolation or as substitutes
for analysis of the Company's results as reported under GAAP, or as
alternative measures of liquidity.
AIR TRANSPORT SERVICES GROUP, INC. AND
SUBSIDIARIES
ADJUSTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS NON-GAAP
RECONCILIATION (In thousands)
Management presents Adjusted Earnings and Adjusted Earnings Per
Share from Continuing Operations, non-GAAP calculations, to provide
additional information regarding earnings per share without the
volatility otherwise caused by the items below. Management uses
Adjusted Earnings and Adjusted Earnings Per Share from Continuing
Operations to compare the performance of its operating results
among periods.
Three Months Ended March 31, 2019
March 31, 2018 $
$ PerShare
$
$ PerShare
Earnings (loss) from Continuing Operations - basic
(GAAP) $ 22,634 $ 15,682
Gain from warrant revaluation, net of tax
1
(7,653 ) —
Earnings from Continuing Operations - diluted
(GAAP) 14,981 $ 0.25 15,682 $ 0.26 Adjustments, net of tax
Lease incentive amortization 2 3,228 0.05 3,272 0.06 Non-service
component of retiree benefits 3 1,795 0.03 (1,562 ) (0.02 ) Loss
from joint venture 4 2,914 0.05 1,963 0.03 Omni acquisition fees 5
285 — — — Derivative and warrant revaluation 6 2,748 (0.01 )
1,161 (0.03 )
Adjusted Earnings from Continuing
Operations (non-GAAP) $ 25,951 $ 0.37 $ 20,516
$ 0.30 Shares
Shares Weighted Average Shares - diluted 60,437
59,558 Additional weighted average shares 1 9,232 9,651
Adjusted Shares (non-GAAP) 69,669
69,209
Adjusted Earnings from Continuing Operations and Adjusted
Earnings Per Share from Continuing Operations are non-GAAP
financial measures and should not be considered as alternatives to
Earnings from Continuing Operations, Weighted Average Shares -
diluted or Earnings Per Share from Continuing Operations or any
other performance measure derived in accordance with GAAP. Adjusted
Earnings and Adjusted Earnings Per Share from Continuing Operations
should not be considered in isolation or as a substitute for
analysis of the company's results as reported under GAAP.
1.
Under U.S. GAAP, certain warrants are
reflected as a liability and unrealized warrant gains are typically
removed from diluted earnings per share (“EPS”) calculations while
unrealized warrant losses are not removed because they are dilutive
to EPS. Adjustment removes the unrealized gains and losses for a
large grant of stock warrants granted to a customer as a lease
incentive. As a result, the Company’s EPS, as calculated under U.S.
GAAP, can vary significantly among periods due to unrealized
mark-to-market losses created by an increased trading value for the
Company's shares.
2. Adjustment removes the amortization of the customer lease
incentive which is recorded against revenue over the term of the
related aircraft leases. 3. Removes the non-service component of
post-retirement costs and credits. 4. Adjustment removes losses for
the Company's share of development costs for a joint venture
accounted for under the equity method. 5. Adjustment removes the
fees incurred for the acquisition of Omni Air International, Inc.
6.
Adjustment removes gains or losses from
derivative interest rate and warrant revaluations.
AIR TRANSPORT SERVICES GROUP, INC. AND
SUBSIDIARIESAIRCRAFT FLEET
Aircraft Types December
31, March 31, December
31, 2018 2019 2019 Projected
B767-200 Freighter 34 34 33 B767-200 Passenger 1 3 3 3 B767-300
Freighter 33 34 42 B767-300 Passenger 1 7 7 8 B777-200 Passenger 3
3 3 B757-200 Freighter 4 4 4 B757 Combi 4 4 4 B737-400 Freighter 2
2 2
Total Aircraft in Service 90 91 99
B767-300 in or awaiting cargo conversion 5 8 8 B737-400 in
or awaiting cargo conversion — — — B767-200 staging for lease 1 1 2
Total Aircraft 96 100 109
Aircraft in Service Deployments December 31, March
31, December 31, 2018 2019 2019
Projected Dry leased without CMI 28 28 33 Dry leased
with CMI 31 31 34 ACMI/Charter 31 32 32
1. Includes one Boeing 767-300ER passenger aircraft and one
767-200ER passenger aircraft that are leased from external
companies.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190507006179/en/
Quint Turner, ATSG Inc. Chief Financial Officer937-366-2303
Air Transport Services (NASDAQ:ATSG)
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