ATSG Air Transport Services Group Inc

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.

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Quint Turner, ATSG Inc. Chief Financial Officer937-366-2303